A quick survey of people not from New England showed that they were not familiar with this phrase.
It's in the Urban Dictionary.
Googling it leads shows it occurring most often in NE based stories/blogs.
I'm working in the shop this weekend. Yesterday was darn quiet. I'm not sure if this is the aftermath of the big storms we had here on Tuesday, or if gas prices are finally keeping people at home. I spent most of my time hanging overdyed cottons and silks. There were so many, I didn't finish the job. I want work as the person who comes up with the names. Carrie's Creations is getting my vote as having the single most creative name - Moose Drool - which is a beige like color.