cockney rhyming slang for not on your life. nelly rhymes with smelly, which leads to smelly breath, breath leads to breathing to keep alive, leading to not on your life.
Martin: 'will you stroke my furry badger?'

Jon: 'Not on your nelly!'
by MsMatronic July 17, 2005
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a shortened version of "Nelly Duff". Nelly Duff = puff (breath) in Cockney rhyming slang. 'Not on your Nelly' is used to mean 'Not on your life'. "Breath" is synecdochical for "life"

See:
http://www.english-for-students.com/Cockney-Rhyming-Slang-N.html

Steve
There is no way you are going to get money out of me. Not on your nellie.
by SteveB47 March 25, 2009
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a yorkshire expression, meaning, you will not go. basically 'i will not'
babs: jean, do you want to go shopping?
jean: not on your nellie love!
by alex-girl January 4, 2009
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A modern variation of the classic phrase "Hold your Horses".

Sounds better when said with a cockney accent although it is not nessecary to create the desired effect!

Used in any situation to incourage patience
Statement - "Hurry up"
Reply - "HOLD YOUR NELLIES!"
by Mike and Nick May 15, 2008
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