It is a hint to the answer of a question, it works best if you know the person well enough that they can figure out the answer on their own. Emotions & expressions can also hint towards the answer.
Also used if you actually don't know or are trying to cover your company's ass.
"Hey Bob, have you ever seen Iron Man 1 before?"
"I can neither confirm nor deny that"
"Hey Jill, do you have my pencil?"
"I can neither confirm nor deny that"
Ruler of Lake Titicaca. Rumored to have a bunghole that gets very angry if it does not receive toilet paper. Cornholio the Great is often seen walking around with his shirt over his head and his hands in the air, chanting songs about his power, and his bunghole.
"I am Cornholio! You do not want to face the wrath of my bunghole, for I need TP!"
Butthead: Shut up, Beavis! (uh huh huh huh)
Beavis: Um, okay. (heh heh heh heh).