Ellas MacDaniel, better known as Bo Diddley, was a legendary Rock & Roll singer and guitar player. He lived in a house made of rattlesnake hide, wore cobras as neckties, and made his chimney out of a human skull. He was said to have been the greatest lover in the world, and 500% more man than any other man on earth.
In his spare time he invented Rock & Roll and inspired every great musician from his time till today.
Bo Diddley done had a farm, (Hey Bo Diddley!);
On that farm he had some women (Hey Bo Diddley!),
Women here, women there (Hey Bo Diddley!),
Women, women, women everywhere (Hey Bo Diddley!).
This is a catch phrase that originated in a TV ad in the late Eighties that featured super athlete extraordinaire Bo Jackson and rock'n'roll pioneer Bo Diddley (he's notorious for his famous box-shaped electric guitar). Basically, the term means that somebody doesn't know doodly squat.
The narrator says:
Bo knows football.
Bo knows baseball.
Bo knows weightlifting.
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In the meantime, Bo Diddley cranks out the notes on his guitar.
Then he says:
Bo, you don't know diddley!