Clash of the Titans - Release the Kraken

I've never seen 'Clash of the Titans' but a line from that movie "Release the Kraken" became a private joke in our team at work. We would ceremoniously laugh whenever our team manager would shout it in a Mexican-Russian accent.

Whatever they're referencing to the "Kraken," that I do not know. LOL

Watch the movie clip:

YouTube URL