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The phrase has become commonly used as a title for works of popular culture, in some cases to describe the act of gunfighting. It also means that whether one is alive (the quick) or in the afterlife (the dead), God will still judge the sins of the individual.
I guess you’re thinking ‘What the heck was that?’ Because this version has absolutely nothing to do with the Russell Crowe movie we’re celebrating tomorrow (and getting a head-start on).