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".
The state of things; the way things are, as opposed to the way they could be; the existing state of affairs.
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.
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).
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...)