This phrase is a deritive of bingo bango and holds more significance with the addition of "freakin". It can be used in many circumstances: 1) as a sign of significant approval and recognition, 2) when you are making a point you present as fact, 3) when you dominate the sport, activity, test, contest or other competition you are partaking in, 4) WHEN LIFE IS JUST TOO GOOD.

This phrase can also be said in it's acronym form, "BFB", which is gaining popularity and can be emphasized with a dip snap, if you so please.

v. collectively or individually finding someone/something to blame for a problem, as opposed to brainstorming which connotes finding solutions to a problem

n. the act of finding someone/something to blame for a problem

(from a TV ad for HD television)