Daddy Yolo'ing refers to becoming the daddy of the situation while also and possessing a general lack of regard to the reactions of others.
For this to become complete the subject in question must exclaim the phrase "DADDY FUCKINGYOLO!!!" multiple times, preferably in a faux American accent.
Did you see that guy in the club last night? He was going crazy shouting, Daddy Yolo and generally not giving a fuck.