Used to describe your non-involvment in anything that you are watching in person. Especially if what you are watching is not something someone should be doing.
Another way of saying "Don't ask me, I just work here" or "I'm just a by stander to this party"
Person A: Why is that guy got his dick hanging over the banister
You: i'm not fucking this dog, just holding it's head.
A person you hate intensely not because they deserve such hatred but because they serve as a focus for your general hatred. A healthy way to dispense with excess animosity.
Jake's not really that big an asshole. He just serves as my hate sink.