Comes from the title of a jpeg file found on google image search entitled, "frydabing." It is literally referring to frying a chineseoil cake (bing). It means "to do good," or can be used as an exclamation or an insult.
"You gunna fry da bing on saturday?"
"Man, I gotta test tommorow, I'm gunna have to fry da bing and start studying!"
No set, known definition has been had for this phrase. Often considered slang, this phrase can be placed almost anywhere in any sentence to convey any meaning. This is often confused with the phrase "Swing da boomp" and "Swing da bump"