This phrase, popular among geeks, alludes to the poorly-translated Sega game Zero Wing; however, it is not always used for its pop culture value alone.
person2: "what happen"
person: "My term paper got deleted from my computer!"
person2: "Seriously? Oh, shit! Are you sure there isn't a back up somewhere?"
person: "Nope, not one back-up."
person2: "All your docs are belong to trash :("