A phrase denoting an imminent or currently favorable situation for the speaker. Also is used to describe a situation in baseball play, where runners are situated on first and third base respectively.
Guy1:This party is full of husky girls ....Ducks on the Pond!
Guy2: Eff that man...this party is full of husky dudes..Ducks on the Pond!
2 outs, bottom of the fifth inning, with ducks on the pond.
(While acing a test) DUCKS ON THE POND!