Possible Interpretations:
* A Literal Meaning: The phrase could literally refer to wool fabric sold by the yard. This is common in fabric stores, where you might buy "a yard of wool."
* A Misunderstanding: Perhaps there was a mishearing or a typo, and the actual phrase is something else entirely.
* A Specific Reference: It could be a term specific to a particular industry or field, or a slang expression used within a certain group.
To understand the meaning, you'd need more context:
* Where did you hear or see this phrase?
* What was the situation or conversation?
* Who said it?
With more information, it might be possible to decipher the intended meaning of "wool and a yard."