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"Liar Liar Pants On Fire" is a playground taunt that is used to indicate each other whenever they think the other is lying.
It refers to the fact "fibbing" is consider naughty, and pants/bottom 'on fire' is an euphemism for spanking.
Child1: Well my dad can pick up a truck!
Child1: Liar Liar Pants On Fire!
A description, of doing something in a fast time.
I'll get the part to you lickity split, Mr Smith
Means wrong answer, or an answer not worthy of praise. Especially in an open forum.
A reference to rewarding children with cookies or other treats for good deeds.
No cookie for you, that was totally off topic.