To celebrate, especially prematurely. See: 1994, Plano East vs John Tyler high school football highlights. Applies to any and all situations in which exuberant celebration is called for
1: The announcers broke out the Oreos a little too soon when they proclaimed their team the winner
2: DeSean Jackson was so busy breaking out the Oreos, he forgot to not throw the ball away before crossing the goal line.
3: “I just got elected president, break out the Oreos, baby!”
3 hours later...
“They’re recounting votes in Florida? Damn...broke out the Oreos too soon...”