Bites the dust is a common idiom. The band Queen have a very famous song called 'Another one bites the dust'. It means to be broken beyond repair, or to die. I guess you can think of it as being returned to ground from whence it came. - I need a new one. This one bit the dust. - I'm really worried this one is going to bite the dust soon. I should get a new one. - Really! Another one bites the dust. These things just keep breaking. - Have you seen Frank recently? Didn't you hear? He bit the dust years ago. It can also be used for concepts and ideas. Be careful about using it about people though. It's a bit of an inconsiderate choice of words. Normally you would use it flippantly about your own demise: "When I bite the dust, I want to be buried over there".

I agree with Duncan's answer. We often use this expression when talking about objects, like home appliances (TVs, microwaves, stereos, or also cars) You might call your friend and say "Can you drive me to work? My car bit the dust."