I tend to use the phrase most often on the golf course, on the rare occasion when I hit a really good shot.
I learned that Texans speak in metaphor more than any other cultural group I've met (although I'm sure it's pervasive in the south.)
The meaning of the phrases is always clear in context:
"That dog won't hunt."
"I'll run that rabbit."
"He's all hat and no cattle."
"Bless your heart." (Seldom if ever a compliment.)
"I'm fixin' to...." (Made famous by Bush #41)
"Who stuck the burr under your saddle?"
"Rode hard and put up wet."
"We've howdyed but we ain't shook."