An archaic literary device referring to a scenario where an unpopular antagonist narrowly averts some kind of humiliating or catastrophic event to the great disappointment of the reader/audience.
Most recently this phrase has been used in a strikingly specific connection to the December 14 "shoegate" incident where an Iraqi reporter threw his shoes at George W bush shouting "here is your goodbye kiss dawg," but unfortunately missing on both attempts to the disappointment of billions of spectators worldwide.
Dave: "Did you hear Dick got Hottits Tammy fired for screwing up the cover sheets on his TPS reports."
Bob: "He's such a jackass. I can't believe he dodged the shoe on that one."
Dave: "And now there's no more Hottits. George Bush is a fag."