from the movie, Die Hard 2

this phrase replaced the more vulgar phrase "yippee kay yay motherfucker" in the censored version of the film intended for television airplay.

The statement was made by Bruce Willis as he threw his lit Zippo lighter into the stream of fuel in order to bring down the escaping plane full of evildoers.
yippee kay yay Mr. Falcon!
by KAKA DOOKY March 14, 2006
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