Based on Vice President Dick Cheney's statement to Sen. Leahy, this is defensible school-slang for "go fuck yourself" Can also be used as "go Cheney", in which case one can defend it by claiming to be making a political statement of support.
"Get out of my way" Bob told Sam. "Cheney" was all Sam said in reply.
The policeman told the skateboarders to leave the area. As they rolled away, one yelled over his shoulder "Go Cheney!"