1. To keep doing something long after one should have stopped.

2. To beat a dead horse.

3. Whatever you are doing has died, finished, been exploited to its fullest and you have chosen to continue... perhaps your a jerk.
a. Bill Watterson (creator of Calvin and Hobbes): "I think some of the reason "Calvin and Hobbes" still finds an audience today is because I chose not to run the wheels off it.

I've never regretted stopping when I did."

b. I think ol' Sly may be running the wheels off of the Rocky/Rambo franchises'.
by Grymm Deth February 02, 2010

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