A way to say to a group of friends or whoever you're with that you think it's time to go, leave a pub, bar, restaurant or anywhere. Although it may sound like the place your leaving is rubbish or crappy, it doesn't have to be the case. It could be used when its time to move on after a great night out.
Nic "Great place this but shouldn't we get to the party soon?"
Mike "yeah lets blow this bunghole"