When something or someone abrubtly and savagely leaves the scene (usually against their own will).
1) 4 people are playing Super Smash Bros. Melee and somebody is smashed out of the arena, and everybody except for the person who was kicked out shouts "Ahhh, Queen's wave!".
2) A drunken baffoon is annoying EVERYONE in a bar and is finally chucked out, and everybody in the bar shouts, "Hah hahhh, ya got kicked out! Queen's wave!"