Well, it's commonly-known and understood. However, I can't say that we drop the phrase frequently into our daily speech (unlike "mate" and "yeah, nah"). It means "the real thing".
We'd probably think of the song, in fact:
http://www.youtube.com/watch?v=ceWKrsJX9N4
May 4, 2015
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El 麦霸
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Chinese (Mandarin), Chinese (Cantonese), English, German, Italian, Japanese, Kyrgyz, Russian
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Chinese (Mandarin), Chinese (Cantonese), English, German, Italian, Japanese