simply, this phrase is a "nice" way to tell someone to take a flying fuck to a rolling donut, take a flying fuck, go fuck yourself, get lost, kiss off, go suck an egg, go fly a kite, etc.
Schoolyard bully: Gimme a quarter, chump!

Other kid: Take a flying leap of a galloping goose!
by I Saw U2 Live Twice June 5, 2007
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