The down under version...

The Australian variation of this expression is: Eats, roots, shoots and leaves.

The lore is that Ozzie Male surfers visiting S.E. Asian beaches are called Wombats, a reference to an Australian marsupial whose diet is described by the same words without the commas.

In this context the words mean
eats — standard interpretation
roots — derogative Australian slang for sex
shoots — surfer slang as in shoot the curl
and leaves — departs

On the topic of punctuation, a challenge! Punctuate the following string to reveal its meaning.

That that is is that that is that that is not is that that is not and not that that is that is that