Off the hook is actually a modernization of a series of slang words. Closely related to off the chain, there refering to something being so "fresh" and "new" that its literally right off the store shelf. (started in reference to clothes, the hangar being the hook)
Them shoes are off the hook dog.
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When you're strumming on a banjo while your cousin hums on your genitals.
"After NASCAR even, cousin Debby gave me the ole banjo kazooie as a thanks for taking her"