Is sometimes followed by the people around the speaker all looking around in curiosity, in a satyrical attempt to spot the aforementioned Fat Penguins.
Although it is generally met with a positive reaction, if overused the phrase will lose its novelty. Use with Caution.
Person 4: Fat Penguins.
Person 1: Nice one dude.
Y: I think a bit of shit did actually come out then!
Z: Fat penguin!
Z: Something to brake the ice!