The middle of nowhere; quite literally used to define the state of Nebraska and its small cities; a stupid ass phrase that means lost, or should be lost
Smart Guy: Hey, dude, have you heard of Wayne, Nebraska? I'm going there for a competition.
Douche: What? Why you goin' to bangfucknowhere? You stupid ass idiot.
After picking up a person on a Friday night and spending all weekend with them fucking, you drop them home on a Sunday. A bit more than the "One night stand".