Yep. Actually the variant suggested by "juzy" is possible BUT this expression possesses not only the meaning mentioned above.
Basically someone says it when another person is trying to show off or say something arrogant and the person is not impressed so they say "whoop-de-freakin-do!"
Example 1:
Bob: "Oh yeah, I totally just did 500 push-ups. I am so strong!"
Jane: "Well, whoop-de-freakin-do!"
Also, it's kind of like "I don't care." - "кого волнует", "мне пофиг"
Example 2:
George: "Guess what?!?! I am going to eat nachoes tonight!"
Leo: "Whoop-de-freakin-do. I'm eating fish sticks."