This phrase is often used while playing video games against one other opponent. Typically the game that is at hand is a sports game, either on PS2, Xbox 360, or PS3. Most often its a basketball game. The phrase will be used when one player has been beaten mercifully 4-5 times in a row. The phrase will be used at the beginning, middle or at any time during the game, when one opponent feels his efforts are hopeless.
~ - Tip off - ~ "I have lost 4 straight games, ITS OVER
"Wow you just stole the ball from 5 times in a row, ITS OVER
"This game hates me, and obviously does not want me to win! IT'S OVER