this phrase replaced the more vulgar phrase "yippee kay yay motherfucker" in the censored version of the film intended for television airplay.
The statement was made by Bruce Willis as he threw his lit Zippo lighter into the stream of fuel in order to bring down the escaping plane full of evildoers.
see Bruce Willis, to be used when confronted with terrorists in either a plane, or hostage office building situation...
when having just blown some terrorist fecker up, in a moment of 'cool' boastfullness that follows, and said to noone in paticular since your combatting the terrorist world alone...
"Yippee ki-ay, motherfucker!"
Basically, "Yippee ki-yay" is an old, American cowboy expression, like: ”yippee”, or “yeehaw (heehaw)”, or “Whoopee”; expressions of extreme joy or excitement, commonly associated with cowboys. As an interjection, “yahoo”, plays a similar role.
PS.: Many people mention the expression “Yippee ki-yay” in the movie “Die Hard” as the origin of the work, but it is important to know that this word is much order. Like I said: from the “cowboys-days”.
Here is one example of use: I’ve been meaning to meet someone for, like, a month. Today, she finally was available. My reply? “Yippee ki-yay”, woman! Pick you up at eight.”