1.What perverted assholes say when they have said something supid and immature about a sexy and or busty girl.
2.Something stupid people say just 'cuz its fun to say.
Said/sung to express that the current situation or what someone else has just said is of an interesting/cool nature, simulating a sound made from an electric guitar.
Originates from a common guitar lick played in films and TV shows when something critical to the story happens, such as a revered character entering a bar scene with is posse etc.