That sounds like unburned air/fuel mix going thru the engine, then igniting in the ex pipes, as detmatt said. What cam are you using? Long duration/overlap profiles would tend to agrravate the condition. Also poor spark plug wires or carboned up plugs would make it worse. A guy in high school used to hold his throttle wide open on his 52 Ford, then shut off the key. As the engine continued to spin down, it would fill the pipes full of unburned fuel air mix. Then when he turned the key on, it would explode. Sounded like an M 80 goin off. He did it one too many times and blew up the muffler. True story!