It's a pretty common way of saying that you don't like something that's been going on for some time. There are other ways of saying it as well:
I'm . . .
sick of
tired of
fed up with
I've had it with
The ING after you, just explains who is the person you are annoyed at, i.e. who is doind the annotying action.
I'm sick of you leaving a mess in the bathroom.
I'm tired of you eating all the ice cream.
I'm fed up with you coming home drunk every night.
As Jonathon points out, YOUR may be more grammatically correct, but in these constructions I believe YOU is more common.