Do your tits hang low?
Do they waddle to the floor?
Can you tie them in a knot? Can you tie them in a bow?
Can you throw them over your shoulder.. etc. etc.
Basically boobs that are either so big that they are touching your belly button or your just REALLY old.
Usually said out of impulse, and unprovoked. The "tits" part is held on and exaggerated, and along with a gay voice it sounds very annoying. People usually say this when they are trying to make people like them.