When having ass sex, coming at the exact same time as the toaster ejecting fresh toast.
"Oh. Bro, I'd just been flippin' the omelet, and oh, i had my shit all timed out clocks, right? Came, dude. Just as the toaster popped I was takin' the toast.
When having intercourse, flippin' the omelet describes the act of moving behind a woman in order to pursue (takin' the toast).
"Oh. Bro, like during breakfast, dude, I had the toaster all worked out, and i was gonna take the toast, so I was all flippin' the omelet, right? Tryin' to get that booty bounce?"