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1.
When something really bad happens. Comes from suck and in this case it is sucking something big and fat. Used in the worst of situations when not much else can be said.
Doctor: I'm sorry, but you only have a few more months to live.
Man: Damn. That sucks a fat one.
Por Anonymous 10 de abril de 2004
 
2.
Used as an insult.

Equivalent to telling someone to fuck off.
Damn you're a douche bag. Go suck a fat one.
Por Truuuuu 21 de junio de 2014