Basically, this phrase is the same thing as "motherfucker", but I invented it. I basically use this phrase when I'm pissed off. Either that or "God fuck!" So, yes. Use wisely, kids.
"Mother of fuck! I can't get a mother of fucking "A" on my test!"
*Literalexample* "Mother of fuck! Why can't I make any {basketball} shots?!"
An expression used to vent frustration/pain/almost any other feeling expressed by the word fuck, typically as an alternative to mother fucker with the added emphasis of the mother being unholy (except for it is a mother of fuck, and not a fucker of mothers).