When someone says "she's ok" in a conversation, it typically means, well, you are "ok". From their perspective, you are ordinary, and "ok". You are cool but not cool, kind of way. That person might be jealous of you and doesn't like you. If someone says you are ok, don't take it personally, like it is a bad thing.
A phrase used for a military person who wants to have relations with a person who could possibly be under age but the UCMJ says as long as she's 16 its fair game.
Also can be used to combat the phrase 16 will get you 20