Phrase from the comedy classic, Monty Python and the Holy Grail. Because of its relatively obscure nature, it is most often used among geeks and hackers. When someone uses this phrase, it is customary for anyone in earshot to point their index finger upward and wave it like a flag in a circular motion, coupled with a very insincere "yaay" - another reference to the original scene.
Culinary slang used to describe remoisturizing a food or situation with moments of time. When cooked food comes off of a grill or out of some dry-air heating device there is a time between 5-7 minutes that the food remoisturizes in the air (steaks, chicken, fish, pies, vegetables, etc...)
This term can also apply to social settings as well.