Denotes a keenness or willingness to participate, in reference to a suggestion. It is generally said with contextually embellished excitement, and emphasis on the rhyming factor of the phrase.
This phrase draws its origins from the Pierrot, or 'sad clown'.
Ruler of Lake Titicaca. Rumored to have a bunghole that gets very angry if it does not receive toilet paper. Cornholio the Great is often seen walking around with his shirt over his head and his hands in the air, chanting songs about his power, and his bunghole.
"I am Cornholio! You do not want to face the wrath of my bunghole, for I need TP!"
Butthead: Shut up, Beavis! (uh huh huh huh)
Beavis: Um, okay. (heh heh heh heh).