Often, by a face-leaning play-by-play announcer when a heel wrestler is about to commit a heinous deed or win a championship title following rulebreaking, with the trope-making "NO!" coming right as the act is carried out.
One particularly famous example was The Hart Foundation winning the WWFTag TeamChampionships from the British Bulldogs after Bret Hart and Jim Neidhart had been allowed (thanks to biased refereeing from Danny Davis, whom the Harts had in their back pocket) to double-team Davey Boy Smith; Vince McMahon shouted "No, NO, NO!!!!" as Davis made a fast three-count on Smith, the perfect compliment to heel announcer Jesse Ventura cackling evily in celebrating the title win. More than two years earier, McMahon's other "Big No" moment came when he tried — in vain — to stop Kamala from eating a live chicken on the set of WWF Tuesday Night Titans.
During their famous "I Quit" steel cage match at Starrcade 85, Magnum TA and Tully Blanchard had several. One would hold the microphone to their opponent's mouth and yell, "Say it!" and the other would deliver the Big No.
There was an attempt to turn Eddie Guerrero heel on Smackdown by having him throw Yoshihiro Tajiri through the windshield of his low rider on the mistaken belief Tajiri had "touched" it. The following night when Eddie came out to explain his actions he asked if they blamed him for what he did.
Its been shouted at Radiant Rain in response to one of her verbal tics ("YEAH!") at Full Impact Pro.
Almost parallel to the rise in popularity of Daniel Bryan'sYES! mantra, the fans began chanting NO! every time they saw something they didn't like, and alternated between YES! and NO! when a face and a heel (respectively) or a fan favorite and a Scrappy traded blows in a slugfest. (The more traditional chants were "YAY!" and "BOO!")