Is that also what it means when the waitress says it as she hands your order to the sushi chef?
"Thank you for what you are about to show me!"
"....uh, ok...'scuse me while I whip this out..."
LOL - but yes, that is also the context in which I most often hear it outside the dojo. So I figure it is basically "Excuse me" or here in California, "Yo, dude!" or "Yo, dawg!"