Anything you want it to be. Something to be said when you have nothing else to say. A good or a bad time, depending on the inside joke between you and another person.
William: Damn, Nadia is such an idiot. I wish she would get fired so I can make the extra money it takes to pay her overpaid salary.
William: I mean, I could do so much better and all that.. (bla bla bla)
Ray: Goat times.