The equivalent of "Well fuck you."
Can also be said as:
-Fuck your couch. "Fuck you."
-FUCK MY COUCH!! "Fuck MY LIFE!!"
The phrase originated from an episode of the Dave Chappele Show, where he played Rick James.
The exact line where it was adapted from, is when he (dave Chappelle/ Rick James) is on a couch, and says, "Fuck your couch, nigga! Fuck your couch!"
It's a metaphor. the "fuck" is metaphorical for not giving a shit, and the "your couch" is metaphorical as it is the subject that the user choses instead of the person it is being used against, thus making it clear that it is more important to the user than the recipient, and by not giving a shit about something that is more important to the user than the recipient, the user is saying that he or she less than gives a shit about about the recipient and anything they have ever said or done
Richard Prior (live on the sunset strip). Rich hooks up with a playboy bunny and heads over to he apartment. When he arrives he is surprised at how nice the apartment is and says "Well If I Don't get to Fuck you I Can Always Fuck your Couch".