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Butterfly Snap is used as a kind of victory word. Kind of like when some one goes "daaamn" after a yo mama joke.
"yo mama so fat ________" and then you go "Butterfly SNAP!!!!!"

or

When in a competitive game, when about to attack the enemy (Halo3, Gears of War, COD 4 & 5) when your about to finish them off do the "Butterfly SNAP!!"
by Matthew Kilgore December 16, 2008
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