The word is intended to prevent social akwardness between two or more people that understand the concept of the word.(see example)
Timing is everything with this word. It's impolite to use it in the middle of a conversation, because its intended use is for when you meet up with someone who knows what the word means in the hallway of a schol, run into them on the street, bumb into them at a party, ect.
It can also be used if you are trying to get somebodys attention when there are plural people in the same room with the same name as your friend.
"hey, i dont feel like having a serious converation, whats up"
"ya, im in a good mood, id rather joke around than have serious discourse"
"i would like to have non-serious discourse"