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Basically this phrase is derived from the word 'righto' spoken by northerners, which turns into 'reeto' and of course the 'craig david' which is taken from bo selecta, making the phrase 'reeto craig david' which is basically a synonym for 'ok'
Santa: "Scott can you fuck off?"
Scott: "Reeto Craig David."
by nubins November 10, 2004
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