A response to the phrase "It's on like Donkey Kong," it is used as a joke (usually) and it's pretty self explanatory. The speaker wants to freak the person being addressed. The fact that they want to freak them like a pikachu doesn't really make sense, but it's not supposed to. Unless you freak pikacus... Anyways, it was invented in D.C. Can also be pronounced "freaka you like a pikachu" to improve the rhyme. Freaka is said with an Italian accent usually.
Guy: Man, you're so hot, I want to freak you like a pikachu.
Super Mario: Oh Princess Peach, I want to freaka you like a pikachu
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