A crackerjack box was the disposable cardboard box used to hold popcorn or candy (sweets), though over time has come to mean a similar box or container used to give away rather useless, cheap toys and/or giveaway items. So anything referred to as 'coming out of a crackerjack box' is being derided as useless, cheap or fake.
Did you get your degree out of a Cracker jack box? (ie. your degree in media studies / sociology etc. is worthless)
(From Meatloaf's "two out of three ain't bad"): There ain't no Coupe de Ville hiding at the bottom of a Cracker jack box (you'll never find a valuable and exotic, vintage car in the bottom of a crackerjack box)
A tasty treat consisting of popcorn, peanuts and a caramel candy coating. It's sold in old-school boxes (which come in a three pack) and although the primary consumers are young children, it's invariably located on the top shelf of the supermarket isle. Every box comes with a prize -- usually a little puzzle, temporary tattoo, or a valid Georgia driver's license.
Take me out to the ball game,
Take me out with the crowd.
Buy me some peanuts and Cracker Jack...
A game played in which several males stand in a circle around a cracker and jack off. They all try to hit the cracker when they shoot, and whoever hits farthest from the cracker or shoots last, has to eat the cracker.