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1.
A phrase used to caution someone before undertaking any difficult task.
I will help you carry that couch.

ok thanks, but dont blow a foofer valve.

can apply to most situations.
by hmorrison February 19, 2011
 
2.
A highly technical description of an electrical part that is unknown
Techo 1: Hey, why isn't that working?
Techo 2: Not sure, I think it's blown a Foofer Valve
by mikeybear69 July 02, 2009