Mock-pompous English greeting which conveys jocular familiarity on the recipient. Sometimes used in conjunction with "What ho!" and "Old bean" for maximum effect. Derived from PG Wodehouse's Jeeves and Wooster.
Edmund: All right, where is the malingering git?
George: Hello, Cap! Pip pip, Balders! Here I lie.
Pip pip cheerio is an inaccurate stereotypical English saying of "Hello". NO ONE SAYS IT IN REAL LIFE. A lot of Britain doesn't drinks tea. We don't go to the chippy a lot. We have good teeth.
(On American TV imitating England)
Oh pip pip cheerio mummy!
The act of slamming your face at a solid .1mph into a desk and singing "Sweet Home Alabama" then kissing your drunken Uncle and dancing like a Gorilla.
Yeah man the part where he did the pip pip the ooga booza was crazy man, It was splendid, I wonder if you know we can maybe do that someday... Unless you know, you're a little fucking bitch.