Ceol(pronounced key-ole) is the Irish word for music.
Agus(pronounced like August without the t) is the Irish word for and.
Craic(pronounced crack) is the Irish word for fun.
This phrase reminds me of my family in Ireland. Both sides of my family like to sing and play music. We had sing-songs every time we got together for an event, especially at Christmas. After Christmas dinner with my mom's family, we would pull out a guitar and sing for hours. Then we would go visit my dad's side of the family and sing for a few more hours. A night full of craic.