Around the
Johns Hopkins University's undergraduate campus (and therefore probably
elsewhere as well), this is used as a device to change the subject. Usually, as opposed to the situation described above, this is when several people are talking and personal details are being divulged (or about to be divulged) regarding one of the participants in the conversation.
A further colloquial use is also seen in the area, where an entire conversation about nothing will occur.
A typical dialog goes:
Person 1: (to Person 3) How did that date go last night?
Person 2: (to Person 3) Yeah, we've been wondering all day!
Person 3: (Nervously) How about that local sports team?
Person 4: (instinctively trained from over-exposure to the "sports team" conversation) Yes, they recently had a win/loss against their cross-town rival.
Person 3: They're doing a lot better this season than the other season before they acquired that new player.
Person 4: Definitely. And that play by insert new player here in a recent game was definitely impressive.
Person 1: Okay, okay, I give up.
Note: Terms like "win/loss" and "insert new player here" are spoken directly as written, e.g. "win slash loss".