Person 1: What's crackilackin?
Person 2: ...You're retarded. -walks away-
Person 3: The Krispy Kreme truck crashed, that's what the fuck is crackilackin, you retard.
Crackin means happening. Adding some kind of word that gives the word a sense of action - like a spinning wheel....something that is in a state of action ; you can say: what's crackalatin ? and this actually means "yo / hey, what’s happening ?!"
Whats happening !? Or what is going down ?! whats crackalatin in your part of town ? what crackalatin tonight ?!