Stems from the question "would you rather take on a grizzly bear or 30 wolverines?" for which most everyone says, the grizzly. This phrase though, describes something so feirce or frightening, when applied to this scenario, one would actually prefer to fight the wolverines instead.
Basically means take that dick. Best used when during rough sex if the receiver is being a whiny bitch. This phrase was used as a double entendre in Drake's "Best I Ever Had" video. In the video, he is coaching a women's basketball team. In the huddle he says to them, "Now when you're out there, and they put that D on you, TAKE THAT D! Take that D like the champions you are." obviously referring to defense, but we all knew damn well what the underlying message was.