The phrase is used to express extreme frustration, anger, or exasperation at something very annoying or problematic. It's similar to saying "this is driving me crazy" or "I'm so fed up with this".
However, due to its explicit and offensive nature, it's best to avoid using this phrase in any context.
It's important to remember that language can be very culturally specific. What might seem like a harmless expression in one culture can be deeply offensive in another.