This is a reference to the often mocked tendency of James Bond villains to gloat before they kill their enemy. In the James Bond series, the villains will often catch James Bond and secure him, then boast about their success, revealing every detail of their secret plans. This will either give the hero time to escape, cut through the ropes binding him, or distract and confuse the villain further. The villain’s folly is often made worse by the attempt to kill James Bond using some ludicrous method designed to kill him slowly and cruelly. Inevitably, this only gives James Bond the time needed to cleverly get away. By this point he now knows the villain’s full plan and can thwart it easily.
Below are a video about James Bond villains (left), and a clip from Austin Powers (right) that mocks the preposterous methods Bond villains like to use to kill their enemy.