A response to the phrase "It's on like Donkey Kong," it is used as a joke (usually) and it's pretty self explanatory. The speaker wants to freak the person being addressed. The fact that they want to freak them like a pikachu doesn't really make sense, but it's not supposed to. Unless you freak pikacus... Anyways, it was invented in D.C. Can also be pronounced "freaka you like a pikachu" to improve the rhyme. Freaka is said with an Italian accent usually.
Guy: Man, you're so hot, I want to freak you like a pikachu.
Super Mario: Oh Princess Peach, I want to freaka you like a pikachu
When you have to pee in a movie but don’t want to miss anything, and must do the following mental equation: will the amount I have to pee cause enough discomfort to diminish my attention capacity for the remainder of the movie to an extent which is greater than the amount of the movie I would miss by making a mad dash to the restroom.
I saw Satantango last night, wonderful film but by the 5th hour I had to start doing pee calculus.
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).