In reference to the Bon Jovi song which is widely played by cover bands in bars predominantly in New Jersey and Philadelphia. Most widely covered during the summer season at the Jersey Shore. A phrase used to describe a person who is too old to be hanging out in the same bars with the young crowd each night when they should have moved on in life. Someone who is clinging to the lifestyle of a highschool graduate or college student.
Although all of his friends are now working full time and are married, Mike is still livin' on a prayer every weekend.