When there is 0% chance that something has occured or will happen. Also when one is so appalled by one's statement that they have no response but the phrase itself. Often said by high intellects and geniuses.
Fucking Weinberg: Yo steve, chip in an extra $2 for the bill.
Steven: NO WAY!
a term made up by a person looking for attention and starting to turn into a nation-wide trend can be used for the sake of sarcasom and can be used as a comment to any statement and if you ask a question and they reply then you may also say the phrase but you will be looked upon as an asshole.