Mix of cracking and percolatin'. What's happening? What's going on? What's new? Example: Me: I haven't seen you in days! What's crackalating? You: Not much. Just about to go see _Tomb Raider_. That Angelina Jolie is out there.
WHAT'S CRACKOLATIN'
Meaning of WHAT'S CRACKOLATIN' in English
Slang English vocab. Английский сленговый словарь. 2012