Lowis: "Hey Peter, go get something from the concession stand, I need something to suck on."
Quagmire: "GIGGITY GIGGITY?"
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or
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Quagmire: "How old are you?"
Cheerleader: "Uhh, sixteen."
Quagmire: "Eighteen? Alright"
Cheerleader: "Moooooooom!"
Quagmire: "I like where this is going, GIGGITY GIGGITY, GIG, IT, EE."
A reaction to a hot woman. A reference to sex.
Many people believe the term was coined by Quagmire from Family Guy, but it was in fact used by Breckin Meyer's character, Walter in the 1998 film, Can't Hardly Wait.