An expression used by people who have owned a Nintendo 64 in their youth and understand the importance it played in their life. It is used in situations for the receiver of a conversation to assume the worst consequence that the speaker went through.
Literal::
1: I once threw a bucket of paint at my mom.
2: What she do?
1: No Nintendo for a month.

Other:
1: My wife walked in on me with a half naked chick.
2: Really? Did she kick your ass?
1: No Nintendo for a month.
by MasterofEcru October 11, 2011
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