Poor chap was standing having a pee on the side of the railway line when "Cowabunga!" a cow was hot by a train, flew 100 feet through the air and crushed him to death.
An expression used to accept a challenge, wage war or defend one's honor by unspecified but extreme/chaotic measures.
In all instances it is a simple way of indicating that come what may, your decision is set in stone.
Her: If you don't pause your game right now, we're breaking up.
Me: Cowabunga it is.
A type of gay orgy where everyone participating is roleplaying Michaelangelo from TMNT. Orange is typically painted around the eyes of each participant either before or during the Cowabunga Cockfest, but not all of these events do this.
Person A: I went to a Cowabunga Cockfest yesterday. Person B: Sir, this is a Bass Pro Shops.