Wiktionary
interj. An exclamation of congratulations especially in response to a call for 'Three cheers for' the person.
Wikipedia
"Hip Hip Hooray" is the first single by Australian dance group Sneaky Sound System, it was released on 15 November 2004 well ahead of their self-titled debut studio album, Sneaky Sound System (August 2006). Founding mainstay, Black Angus (Angus McDonald) wrote the track, and contributed guitar, keyboards, bass guitar, drums and lead vocals. It appeared on the ARIA Singles Chart Top 100.
Hip hip hooray (also hippity hip hooray; Hooray may also be spelled and pronounced hoorah, hurrah, hurray etc.) is a cheering called out to express congratulation toward someone or something, in the English speaking world and elsewhere.
By a sole speaker, it is a form of interjection. In a group, it takes the form of call and response: the cheer is initiated by one person exclaiming "Three cheers for...[someone or something]" (or, more archaically, "Three times three"), then calling out "hip hip" (archaically, "hip hip hip") three times, each time being responded by "hooray".