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The video is about a kid playing a Spongebob board game, saying in the description that he was bored when he made it, the guy goes “OH YEAH MR KRABS! AAAAAAAAAAAAAAAAAAEHHHHHH”.
The video got popularity on YTMND as a photoshop meme where his head would be shopped into some situations.
The YTMND version was started when someone complained that YTMND troll, ASSCOCKredux favorited the original Mr.Krabs page and said “best site ever. PUT IT IN THE HOF!!!!”
This sparked some trouble beause ASSCOCKredux downvotes more than 10 pages a day.
Also, this sound is also popular with the well known game, Team Fortress 2 as a micspam or sound on a server (see TF2 party van server)
(the micspam for anyone who’s intrested on reactions and how well its known on TF2, http://www.mediafire.com/?h69koh7l541rptj)