"Cotton picking" is a mild expletive that can be uttered in mixed company. If often takes the place of harsher uglier curses, and as such is favored by the genteel Sons of the South.
Plus, it gives me an excuse to play some Stan Freberg!
Now wait just a cotton pickin' minute! I heard that some cotton pickin' pinhead might fire this guy just for using a cotton pickin' idiom???
If this is true, this is political correctness on steroids! As a native Son of the South, I can't tell you how many times I've used the phrase "cotton pickin'", and to my knowledge, none of them were even remotely racial. There have been a lot of us Persons of Pallor picking cotton. This is a tempest in a teapot. A cotton pickin' teapot, I tell ya! Sheesh!
Note: If you cotton picking liberals are so cotton picking thin skinned as to let something as trivial as this bother you, then you can cotton picking well guess what my new old favorite phrase is. And you may quote me!
Update II:Rick Sanchez speaks! : "I just said cotton picking because it was a term that I've used because I grew up in the South. It's a point that is often used to illustrate frustration."
Cotton picking Yankees bitterly clinging to their racial stereotypes! Heh.