It's essentially a substitute for running game at the ladies (or guys), although many different situations can call for its use:
*when you're hitting on an attractive gal/guy at your local watering hole.
*when you're in the throws of passion with a gal/guy.
*when you're having relations with her/his friend behind her/his back.
*when you've been single for a very long time and find refuge in risque-themed web sites
"Did you see those two 'girls' Joe A Kim Noah was photographed with at the White House? I'd expect the NCAA M.O.P. to be throw-dribbling with better looking broads than that."
"Man, did you guys see that pig he left the bar with last night? If he throw-dribbled with her, I'm going to be sick."
"They all atempted to throw dribble, they all got called for travelling - multiple times. I however had many a chance to throw dribble and judiciously decided to use my moves only when in the presence of NBA level talent and not two star rivals prospects."