It means you blew it. It originated from the popular television show "Family Ties" in which the character named "Skippy Handleman" always messed things up with his clutsy and nerdy behavior. The phrase started as an expansion of the popular phrase Damn Skippy.
The "other" guitarist from Slayer, who's actually miles better. Kerry King is awesome, but he's nothing on Jeff Hanneman. Hanneman's solos are just pure fucking awesome.
Kid who pretends to like Slayer to be cool: OMGZ KERRY KING IS LIEK TEH BEST
REAL DEFINITION:
A moustache that is long, and sticks out from the sides of your face, like the handle bars on a bike. The ends may curl, or they may just stick out like dangerous facial hair- daggers. The other moustache listed (curving down beside your lips) is a variation on the Fu Manchu Moustache (think crazy Asian guy moustache)