Up, Up and Away is also the title of a song which was released in 1967 and has been sung by many well known singers including Nancy Sinatra. The phrase is always used in the sense of flying and in the song illustrates the sense of the freedom flying can inspire.
'For we can fly, we can fly.
Up, up and away in my beautiful, my beautiful balloon.
The world's a nicer place in my beautiful balloon.' :)