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In computational biology, this verbage means "to use a BLAST or BLAST-like algorithm to finding local regions of sequence similarity between DNA or protein sequences."

Also, it is occasionally yelled by frustrated computational biologists when their programs don't work, usually followed by more colorful language. (e.g. S.tatistical H.euristic I.nference T.heory; C.lustered R.ationalization of A.pplied P.roblems)