Can also be used to show great accomplishment, such as when getting promoted.
Pfc. snuffy: ahh.. its in my car i forgot it today sgt.
*WHRIPPP* since you forgot you cover i'm forgetting your rank!
Or as a compliment
Col T: Capt. what is the status on that machine gun nest?
Capt O: Sir, I charged it myself and killed all the commies!
*whripppp* I'm promoting you to major!
also used in civilian life
Derek: Dude quick! i need a condom!
Lee: It's my last one man i might need it for tomorrow
Lee: what was that?
Derek: you cock blocked me i'm demoting you to chief cockblocker!