What does We'll be back in two and two mean?

"We'll be back in two and two" basically means that we will be back pretty soon. Chuck Woolery created the phrase on "Love Connection" as an outro before the commercial breaks. Originally he specified "two minutes and two seconds" (the exact length of the breaks) but eventually shortened it.

He started doing the "two and two" with his fingers in order to show off his Rolex watch on that hand.