Could be, Mario -- the sense in the contexts I have heard it in would then mean something like "WOBH" or "Blow me down!" or "Shiver me timbers!" or "Well, I'll be..." or other phrases of that ilk. I had always thought it had the connotation of "I'll swear!" which makes it a little more akin to "WTFO?" or "Aw, shit". But that's just an unqualified opinion.

A