A phrase derived from a sketch on the pedophile special episode of Brass Eye (a satirical programme by Chris Morris). In the sketch a distinction between Good AIDS (haemophiliacs, blood transplant patients) and Bad AIDS (homosexuals, drug users) was made by a "Robert Kilroy-Silk"-type character.
1) To apply extremely limited resources to resolve massive problems. 2) To try to fix an extremely large problem, usually caused by some idiot (ie. your boss) that you are expected to pull some fairy dust out of your ass to fix.
Eric: What's going on man?
Bryan: Cleaning up this mess Antonia made.
Eric: Nothing you can't handle.
Bryan: Hardly. I will be putting bandaids on bullet wounds trying to keep this shit from going South.