A ‘Jive Turkey’ is perhaps the most heinous insult in the Disco Era. It basically means the person has no idea what they are talking about .
As UD says
Jive Turkey was a derogatory slang word in African American Vernacular English (Ebonics), used to refer to someone who was unreliable, made empty promises, or who was full of bluster. Several funk groups in the late 1960s and 1970s used the term, particularly the Ohio Players in songs such as “Jive Turkey” on the album Skin Tight from 1974.
Jive turkey, however, was already falling into disuse when it was spoken by “hip” television characters in the 1970s, such as George Jefferson. Jive turkey is also a quick step dance in Germany in the 1930s.

This phrase has been shouted out in Semi Pro. The movie shows a ‘typical’ reaction to being called a JT.
http://www.youtube.com/watch?v=RAVoQ2kshN8