Usually said after saying something smart or intelligent.
A longer version of the sentence is 'Up here for thinking, down there for dancing, out there for shaking and down here for making' Usually one would point to their head then feet for the shortened sentence. If lengthened one should then shake their hands and then point to their mid section while saying the last two things.
Used as an exclamation at something happening. Eg. at a hurling match when a person scores a goal in a humurous way a person can joke.
"Did ya see that, Up she flew and the cock flattened her!"