1.) This versatile phrase is mainly used as an exclamation, such as fuck
or blow it out your dickhole
. Usually used between friends, as outsiders will take the meaning to be literal, and be justifiably offended.
2.) Appropriate response to any question that you don't have the answer to.
Summary: If you do not know the answer to any question, or if you need to yell something nonsensical, say: "put it on her boobs"
Brian: Hey, dude, what's the sine of 5 pi quintupled over psub three of x over 99 problems but a bitch ain't one?
Jimmy: Put it on her boobs!