'''noun''', usually used as ''the status quo.''

The existing state of affairs, especially regarding social or political issues: ''they have a vested interest in maintaining the status quo.''

'''Origin:''' Latin, literally 'the state in which'.

Means "the way things are now".
Typical usage is in a call "to preserve the status quo" -- IE: to keep things the way they are; don't change things.

Historic origin is to describe restoring "the way things were before the war".
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''The state of things; the way things are, as opposed to the way they could be; the existing state of affairs.''
* http://en.wiktionary.org/wiki/status_quo
''Arguing to preserve the status quo is usually done in the context of opposing a large, often radical change. The social movement is an example of the status quo being challenged. The term frequently refers to the status of a large issue, such as the current culture or social climate of an entire society or nation.''
* http://en.wikipedia.org/wiki/Status_quo

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'''Original question:''' What the hell does this mean anyway? I've heard it used so many ways that don't relate at all to what I thought it meant...

What I thought it meant: Not rocking the boat; same-old same-old; established standard (for better or worse).
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There is also a rock band with that name, see http://www.statusquo.co.uk/ (who have been grinding out the "same-old same-old" for a long time...)