For a bit more theory, what happens is that the fuel/air mixture does not burn in the cylinder due to extremely low pressure and/or poor distribution, lean mixture etc. Literally the engine stops running, but there is no noticeable loss of power since it's not pulling the car at the moment.
Then when the unburned fuel/air gets put into the exhaust system, the residual heat eventually ignites it and what you hear is the pop made when it burns. Under some circumstances it accumulates long enough to make a louder bang, which can cause problems, but generally it (the burble Shawn is talking about) does no harm.
But your engine is supposed to have functioning throttle bypass valves, which are supposed to prevent the problem by, in effect, opening the throttle slightly and raising cylinder pressure enough for the mixture to burn in the cylinder (thereby reducing exhaust emissions) during overrun. As M. Pied says, a problem with the bypass (or someone deliberately blocking them off, as many do) brings back the popping.
If memory serves, you think you have a TR250 engine, which I think would have the external vacuum lines to the bypass valves. If so, you might check that it's securely connected to both the valves and the manifold.