I have no idea where the reference comes from, but I have friends that will yell "trade 'em" in awful Irish/Scottish accents (these accents are really bad, I'm not even sure what they are supposed to be) and then proceed to mock punching each other in the face.
Again, no idea where this comes from, maybe it comes straight out of their brains, but that is essentially what Peter and the Thoremerson are engaged in above.
--Geoff