charliechops_x as its been said popping and banging is caused by unburnt hydrocarbons (fuel between those who don't know what fuel is) within the exhaust system.
There are a number of reasons why you'll get unburnt hydrocarbons in the exhaust such as overfuelling, engine breathing restrictions, engine scavaging issues due to valve timing incorrect, bore wash, faulty lambda readings causing over fuelling etc.
Fuel burns at around 1000deg.C (not saying this is 100% accurate google it if you want the ignition temp of fuel, obviously it changes with octane level).
There are a few ways in which you getting popping two being:
1) When the engine rotates faster the combustion process is shortened because the piston is accelerating up and down the cylinder faster. Fuel and air burn at a certain speed, from the spark plug (ignition point) across the combustion chamber this is know as the flame front this sweeps across the cylinder much like throwing a stone into water (ripples). At 7K rpm the flame front has less time to burn the entire mixture within the engine before the exhaust valve opens, however you can't control how quickly fuel burns (where talking milliseconds here but equate that to how quickly your piston is running up and down the cylinder then is seems quite slow). Occasionally the mixture is still burning as the exhaust valve is opening, this gives you the pop as the mixture is still combusting but the sound is traveling down the exhaust. Due to the exhausts shape and size the sound is resonated down the exhaust system creating a much louder bang.
This is one method alternatively:
2)Although the above is NOT the only way to get popping and banging in the exhaust occasionally overtime unburnt fuel droplets build up on the exhaust downpipe walls. These are previous unburnt hydrocarbons that were originally in a vapour state/form within the combustion chamber however as the exhaust temperature is lower than the combustion chamber the fuel state changes from vapour to droplets. Carbon is a sticky substance and sticks to pretty much anything in droplet state, if you don't believe me then have a look at my valve ports on my VTS engine:
As i'm sure you know the faster you go the hotter the engine gets as does the exhaust, occasionally the temperature within the exhaust is sufficient to ignite these wall droplets giving you pops bang and from time to time flames out the back of the car.
So there's the science behind it there are probably a few other ways to get it, point is you don't want this in your engine as some of the others mentioned on here it'll create all sorts of reliability issues
!Apologies if there's some grammar or spelling issues i'm at work!