A non-offensive way of saying "fuckin' cheese". "Fuckin' cheese" was a word coined in the late 80's by a Hollywood make-up FX artist to describe his distaste for a particularly bad or "cheesy" make-up effect. "Flippin cheese" was coined by another Hollywood make-up FX artist to lampoon the first make-up artist's constant use of his phrase, but in a non-expletive manner.
Bob: "Look at that boogedy monster. Fuckin' cheese".
David: Dude, that "toilet ghoulie" is "flippin' cheese".