A phrase used in the early days of World of Warcraft. "Blue"-rarity ("rare") items aren't as good as purple-rarity ("epic") ones, therefore getting excited about getting a blue item is usually mocked, as it isn't purple.
The phrase is used sarcastically whenever someone gets excited about an easy-to-complete event, an item that isn't that great or hard to obtain, or doing something not that impressive.
Noob in guildchat: "I just beat Wailing Caverns and got my sweet Armor of the Fang!"
Veteran WoW player: "...grats on your blue."
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Newbie: "Hurray, I got my mount!"
l33t raider: "grats on your blue, noob."
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