This term is usually used when someone had just heard some good - often unexpected - news.
Dave: Guess what?
Dave: When I went to get us tickets to the 'Stones gig, the girl at the ticket booth was an ex girlfriend of mine in college!
Mike: So? Big deal!
Dave: She gave us 'Platinum' grade seats and we only paid for 'Silver'! How do you like that!
Mike: That's excellent! My nipples are hard, dude!
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