One uses such a phrase when one tells one an uninteresting story. One dismisses the 'story' and 'thanks' them for it. Adding the person's name afterwards increases effectiveness.
Person 1: This one time, I broke a pen and then fixed it again.
Person 2: Thanks for that ....(person name)

Tim: This one time, two guys on the train were drinking beer, so I asked them for a sip, and they said no.
Person 2: Thanks for that Tim
by reppinchristshospital July 21, 2010

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