Stems from the question "would you rather take on a grizzly bear or 30 wolverines?" for which most everyone says, the grizzly. This phrase though, describes something so feirce or frightening, when applied to this scenario, one would actually prefer to fight the wolverines instead.
"holy shit, Patrick Swayze in 'Road House' was fuckin tough."
"yeah dude, I'd take the wolverines"