The only time I’ve ever heard this used is when people are trying to either inflate or deflate a potentially hostile situation. Let’s say that somebody threatens to hurt you, or you threaten to hurt somebody else. That person could then respond, “Don’t threaten me with a good time”, implying that they would actually enjoy the confrontation.Source(s): Hmm…it looks like I have a lot of punctuation.
Its something meant to be facetious. Has NOTHING to do with a fight. Its usually used by white trash party women to express that they aren’t afraid to have a good time (ie be loud and stupid)