that’s the first thing that comes to mind for me…. used in a sentence such as:
Ask David Lee Roth where he spent all his money and I imagine he’d say on hookers and blow of course.
or
So this hotel room costs $5000/night?? I assume that includes hookers and blow?
So to me it’s just a funny way to say something was a very crazy and wasteful expense. Not sure where i picked that phrase up though, probably some movie.