When something good happens, but the negatives already far outweigh anything positive. The positive is small and of little importance when compared to the negative.
Two men on a golf course:
Jim: (on the 18th hole) Great putt, Mike.
Mike: (after a terrible round of golf) Ah, Whip Cream on Dog Shit.
A dirtier, less known expression that mean's the same as "you can't have your cake and eat it, too."
In other words, you can't have everything you want. You get one thing, but you may not get the other.
Joe: Did you hear that Mike slept with Kelly?
Joe: But she won't be his girlfriend.
Sam: "You can't have your pussy and eat it too"
Used when you intend to imply only a very little amount of gayness in your statement; you may or may not act on said homosexual desire/behavior
Mike: If you score another touch down, I'm gonna blow you. Some homo.
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