It's a saying basically for someone to stop saying that someone is "stupid" because they are probably right behind him/her.
Like in the movie, The Lion King:
Ex - Zazu says ixnay on the oopid-stay, to warn them to stop calling the hyenas stupid because they are right behind them listening. (He just says it in pig latin.)
Ex - Zazu says ixnay on the oopid-stay, to warn them to stop calling the hyenas stupid because they are right behind them listening. (He just says it in pig latin.)
by Kourtnei August 7, 2006