It's a 'saying' to use when you're about to pee your pants and can't hold it any longer. Basically, a type of distraction to think of something totally different.
"I gotta pee so bad...I'm going to piss my pants" .... "Sliced Bread Sliced Bread"
"I'm not going to make it to the bathroom...shouldn't have had that last beer" ...."Sliced Bread Sliced Bread"
Yuri is slicing bread again.
Damn. I hope she can get the help she needs.
This expression is used when a person does or tells you something you already know and thinks it is absolutely amazing.
Person 1: She got a hollywood wax for the first time.
Person 2: let me guess its the most exciting thing since sliced bread for her.