We Beat the Dragon! is a catchphrase in Video Games Awesome that originates in the Double Dragon episode of Awesome Video Games. It is an expression of joy at overcoming an obstacle which may or may not actually be a Dragon. Originally, it only applied to boss battles but soon spread to include puzzles and other things. Fraser constantly says it in a very laid-back, almost childish but still slighly loud voice. Usually it is repeated multiple times, sometime with minor alterations depending on what challenge they just beat. For example:The members of the show complete a pushing blocks puzzle. "Hooray! We beat the blocky dragon!".
Worth noting, the original line in Awesome Video Games was "We JUST beat the dragon!", but became We beat the Dragon through shortening.
"We Beat the Dragon!" is sometimes said in conjunction with "We did it! We saved 'em!" and/or "First Try!".