I've done some searching and can't find a reliable source for the origin and exact meaning of this term, but there are a few options. The term is not used in any specific context in the song.
The Urban Dictionary and The Online Slang Dictionary both give a definition for crackalackin' as meaning "happening" as in
What's crackalackin'? [What's happening?]
Probably this is derived from "What's cracking?" which is an older term meaning the same thing.
A fellow African American told me that it is a racial statement against white people. "Cracker" is often used by African Americans against white people. Much like the "N" word is to them. So, if the party is "Crack-a-Lackin", it means there are no "crackers", i.e. white people, at the party.
I shake my head in disbelief when I hear this term being spoke by kids and in movies while African Americans laugh about it because white people are too stupid to understand it is a racial slur against them.
It is a southern term meaning how are you, what are you you to.
protected by tchrist♦ Oct 13 '15 at 23:13
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