When you're watching Psycho, there' s that moment when you have a visceral reaction to watching someone being stabbed. And then you have the intellectual revelation that you're not, and that's where the celebration comes in.

It has been featured in dozens of television shows and articles and was designed by his friend Colin Summers. From a FAQ from Penn & Teller's official website there are three common answers:
It means he once shot a man for asking personal questions. Drell

Babylon 5
"Day of the Dead" (1998) TV episode.

Penn Fraser Jillette (born March 5 1955) is an American illusionist comedian musician and best-selling author known for his work with fellow magician Teller in the team Penn & Teller.