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1.
An interjection used to counter a person who is speaking too much without taking action. Originally used to describe situations where a man is speaking about a particular woman he is interested in, but not taking a positive course of action. The meaning has now been generalized to include almost any situation where somebody keeps talking about something, but without taking the requisite action to complete the situation.

abbreviated TMTNEBS
1)

"Yeah dude, she totally digs me. Did I tell you our hands brushed when she walked next to me?"
"Too much talking, not enough booty slapping, man! I can't believe you waste all this time talking this shit up when you haven't taken a single damn move in the right direction."

2)

"So as mentioned, after another 3 months of planning, we'll be prepared to make a document describing the possible challenges of implementation on this project."
"Too much talking, not enough booty slappin! I ain't got time for this shit, give me the goods."
by Aspiring Commodore April 17, 2010