Most often refer's to all the drama built up over the church that Obama attends.
Person#2:Yeah and that crazy priest married him and his wife!!!
Person#3-(who just walked in):sighhhhh...im sick of you guys and all you Obama Drama...im outta here...
The reason (if strong enough, and if the media doesn't try to cover it up.) will occasionally end up on the news. Often fallowed by people crying racism.
Person1: I heard that Megan doesn't like Obama.
Person2:Ooo. That's going to cause some Obama Drama!
Interviewee1: I disagree with Obama's police on Health Care, and his pastor makes me wary of him.
News Caster: Interviewee2, what do you have to say?
Interviewee2: I think interviewee is a racist.
Bob: Nah, I don't follow all this Obama Drama. I'm all for Giuliani in '08.