Origin
At the 67th Annual Golden Globes, Martin Scorsese was given the Award for Lifetime Achievement, which was presented to him by Robert De Niro and Leonardo DiCaprio. During De Niro's speech, he made a mildly funny joke. With perfect timing, the camera cut to Brendan Fraser, who gave an awe-inspiring reaction.

The moment

News and Spread

Huffington Post
https://www.huffingtonpost.com/2010/01/25/brendan-frasers-awkward-c_n_435389.html

Urlesque
http://www.urlesque.com/2010/01/25/brendan-fraser-clap-remix/

Google Insights

Remixes
After the show, the clip was put on youtube, the interwebs got a hold of Fraser's inherent douchebaggery, and the meme took off, producing lulz.

Musical remix, set to Gwen Stefani's "Hollaback Girl"

Fraser's reaction to Lethal Wepon 2

Peanut Butter Jelly Time Remix (Thanks to smallshelfone)

Lean Wit It (Rock Wit It) Remix

The Clapper Endorsement

Extraordinary Measures (recent movie starring Fraser and Harrison Ford)

We Will Rock You (Thanks to domdadude)

Saturday Night Live (around 5:50)

Fraser's Reaction
In an interview with George Lopez, Fraser seems to be taking the joke well. He attributes his odd reaction to a combination of nervousness, pressure and being star-struck. Lopez refers to the meme in the interview.