Thanks to all who sent this in!
Eds Update: Konami has taken down the clip. Hit the jump for screens and rundown of the conversation.
On the Codec, Otacon tells Snake:
Otacon: Hold it, Snake. Time to change the disc. I know, I know... It's a pain. But you need to swap Disc 1 for Disc 2. You see the disc labeled "2"?
Otacon: Huh? Oh, wait! We're on PS3tm system! It's a Blu-ray Disc. Dual-layered, too — no need to swap.
Snake: Damn it, Otacon, get a grip!
Otacon: Yeah, what an age we live in, huh, Snake? Wonder what they'll think of next!
It's funnier when, you know, they say it. That, and when Konami Digital Entertainment doesn't take down YouTube clips of them saying it.