The two posts represent a man's testicles and the ribbon represents the life of his wiener. The severing of the ceremonial wiener represents the end of his lovelife and manhood forever, as the wife steals it away and sucks it into her dungeonous pit.
You probably will overhear a Priest speaking in latin during this ceremony, here is a rough translation of what he says (it's a little touch-and-go, my latin isn't what it used to be):
You shall never again bed a foxy latina who is up for anything
You shall never again feel guilt-free about hookers in Vegas
You shall never again do the strip-club crawl with mates
Use a coaster for that beer bottle... forever
Your wiener will never again be yours
You better believe you will need viagra in 10 years after that body of hers pumps out 3 kids and looks like Margaret Thatcher...

The rest is lost in translation.
Hope your vows are happy!