It's an age old rhyme repeated to small children when bouncing them on your knee as if they are riding a horse. You repeat boogity, boogity boogity while bouncing the child on your knee and the small child usually laughs, except now in pop culture it means to hurry and get the heck out of a potentially unsafe or unfamiliar situation so you say: "we better {boogity} on out of here."
"we better boogity on out of here." In other words we need to leave quickly
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