In which situations is appropriate to use the expression "Shake and bake, baby"?
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The origin of this term is a borrowing from a brand name of a Kraft Foods product line, first released on the market in 1965:
Almost since its inception the term has been borrowed to described tricky moves in sports, especially basketball. An example of this may be heard in the 1994 film The Air Up There.
Its transference to the meaning of "awesome" is obvious. Putting a "shake 'n' bake" move on an opponent usually meant leaving him flat-footed while the person with the ball glides past for a score. The time to use it for yourself would be when you have done something particularly tricky or dazzling that permits you to achieve a desired goal.
It is used when someone has just done something really awesome or cool i.e. backflip five times on top of a fence. Example: