Slang term, origin unknown from the 1920's in America. Used to underline a failure of an action, or dissapointment in reaching an undesired result, with the additional meaning that the result was not an unexpected one.
Typically a frat game, where a group of young men are seated around a table and a cookie is placed in the center of the formentioned table. They then proceed to masturbate and land their penis-pudding on the cookie. The last person to ejaculate on the cookie, is forced to consume it.
Man, that cookie was delicious! I'm glad we put all that cream on it!
Do we have anymore of those cookies from last night? I love playing cream the cookie.