Interjection, similar to holy cow!
From the classic, campy Batman: The Movie starring Adam West. Robin (Burt Ward) had a habit of making strange exclamations (Holy Polaris, Holy Sardine, Holy Captain Nemo... you get the idea.
At one point in the movie, Batman is attacked by--you guessed it--an inflatable shark, against which he must defend himself whilst the faithful Robin runs to get the shark-repellent bat spray.
Should be exclaimed loudly and dramatically, for maximum campy effect.
Holy inflatable shark, Batman! Some days, you just can't get rid of a bomb.
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