A phrase with the tonal flexibility of saying everything from "Hell yeah, bro" to "You are one smart motherfucker" (Just like Denzel Washington often says in the film American Gangster). It can be used in almost any situation that involves one's friends or enemies.
"What the fuck do you mean you locked the keys in the car?"
"Don't worry, I have a spare pair in my pocket."
"There's no way you can prove I stole that woman's purse."
"We recorded a video of you doing it."