Translated: "Okay, Spanky."
A line from
Little Rascals made famous by
Gordon Lee, who played Spanky's kid brother, Porky. Lee's
signature line, "Otay, Panky," came about because he had a speech impediment and couldn't say his K's and S's.
Currently thr phrase could be used as an affirmative reply when someone tells you something fairly obvious. It's a silly way of saying "okay."