Yeah that's where its from.
For my Terrence Appreciation page I quoted that scene a bit, here is what I wrote:
When we first see Terrence, he is walking to Foster's with Bloo and Mac, who have asked him to beat up The New Guy for Bloo. He agrees to do it in return for "five atomic wedgies, ten supernoogies, three sonic lugies..." Bloo: "And one additional atomic supersonic variety, of your choosing, all tattle-free, of course." This, naturally, in reference to Mac, who can say nothing in his defense. When Terrence prompts Mac with an "And..?" Mac stonily replies, "And I will forever address you as Supreme King Awesome Thunderpants, Better-Than-Mac." Terrence: "Keep going." Mac: "For I am a lowly pile of booger-brains. Please, let me bow down before you, Oh Great Ruler of Terrencania." Bloo: "And a wise, just ruler he is."