what does it actually mean?
when do people use it?
In addition, it is sometimes used more generally to mean "what's happening," even when no food is being prepared.
It is sometimes preceded by the rhyming phrase, "Hey, good-looking..."
I don't recommend you use it this way, as it's a little silly, and a non-native speaker might not have the fluency to use it ironically. You may see it in this context, however, which is why I brought it up.