A phrase used to express the willingness of the speaker to disregard the perception of the some aspect of the present being an inconvenience. It can also be used humorously (i.e. sarcasm) in basically the same way, but with a varied magnitude of severity regarding the the issue at hand.
"Oh shit i just dropped a plate and broke it"
"i'm over it if you are dude, let's just get this shit out of the kitchen so we can go home"
"Mr. President, New Orleans has been fucked by a shitstorm"
"..I'm over it if you are"
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