A phrase meaning that some serious ass is going to get whooped, more so than usual, because there'
s nothing else left to do that can solve the current problem. It also makes for a great entrance to a
party.
The phrase originated from the 1988 John Carpenter film "They Live". The main character walks into a bank with a shotgun and says the line, then proceeds to
shoot all the
aliens-disguised-as-
humans in it. And yes, it is as awesome as it sounds.
The phrase was also used in Duke Nukem 3D and a modified version was said in the 1993 film "Dazed And Confused", where a character says "I came here to drink beer and kick ass... and it looks like we're almost out of beer."