History and usage: It was created while a Dutchman and an American were chatting on a forum. The American was being an idiot, and the Dutchman found it epic. Some people witnessed this event, and from there it spread. Though not as popular by common standards as "Okie dokie", the epicness of changing one letter to make a new word holds true for such things as "Pwn" instead of "Own" and "Okie bokie" deserves a trophy in the halls of epic. Okie bokie?
Some guy 2: Okie bokie.
Some guy 1: Back, and that's freakin' funny. You should submit that to Urban Dictionary.