A celebratory phrase used following one, or a series of, positive, though generallyinsignificant event(s).
Its origin can be attributed to Milhouse, a character of television show The Simpsons, who coined the phrase in jubilation after realising the success of his flood pants to keep his cuffs bone dry.
Phrase used to impart a feeling of ease onto a hectic situation. (When used in a truly hectic situation, it can often be assumed that nothing is under control at all.)