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To leave a place or situation using a silly method of distraction (i.e. The Spongebob dance) in order to make people not feel bad that you're leaving, usually when you're leaving them high and dry. The opposite of a French exit.
You have to work late?
Yeah, my boss came by, dumped a bunch of work on me and Spongebobbed out.
I heard the cops were coming to bust the party so I had to tell a joke and Spongebob out.
Used from someone who is angry at someone who messed things up
Mr Krabs: SpongeBob, get out here!