Taken from the 1978 smash hit by Squeeze titled "Cool For Cats", the term is used to either speak of ones well being or of an object or event.
Tom: "Hey Lucas how's it going?"
Lucas: "I'm cool for cats, you?"

Sophia: "We're going to this party tonight Eric, wanna come?"

Eric: "Sounds cool for cats"
by Pedgesuzie September 30, 2008

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