phrase used widely by teenagers and young adults in the mid 90s as it was made popular by the comedy geniuses Stew Lee & Richard Herring.
they used it mostly in the second series of their hit tv & radio show 'Fist of Fun'.
It means basically to want everything, if you want the moon on a stick then you want everything, including things you can't have.
Rich: you wanted the moon on a stick...well look! i went up and got it for you!
Stew: but i don't want it!
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when one wishes to have it all
"would you like anything else? the moon on a stick perhaps?"
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A Styrofoam sphere that your idiot science teacher sticks a pencil through so that you can twirl around a light bulb and simulate the Moon's phases
"Hold your moon on a stick and slowly turn around, watching the shadow on the moon. This is what we see of the Moon at different times of the month."
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