Etymology: The phrase was used by Floyd, the barber on The Andy Griffith Show (look up Floyd Lawson on Wikipedia for mroe info). Floyd said this expression frequently, evoking a wide stance mood to the scene.
The phrase is most effectively used when using a somewhat shaky, falsetto voice and possibly a Pat-like (SNL fame) chest stroke are used to accentuate the statement. Frequently used in Elgin, IL and greater Chicagoland area.
Steve: I guess, what do you want?
Steve: Oh Andy!
Bubbles: I guess we should get food too.
Steve: As long as there's beer, my body will live on.