"Que culo" definitely sounds analogous to this phrase to me.
As for the phrase's actual use-ed-ness(frequency of use?), I've only seen it on the internet as a humorous quip.
I'm with sudanglo on this.
Although I am not British, English is my mother tongue, and I have never heard this expression.
Without the explanation provided I could have expected that it referred to an ass (donkey).
