I've always taken it to be Little Edie's play on "Not tonight, Josephine" -- a comic catchphrase still common in the 1970s (see link) derived from a popular early-century vaudeville song by that name.
"Not tonight, Josephine" as a catchphrase came to mean something along the lines of "That's not going to happen" -- a sarcastic response to a request to do something you have no desire or intention to do.
As for "Some Like It Hot" -- "Not Tonight, Josephine" was that film's original working title, and the phrase is said with the meaning above by Jerry to Joe in the film as a double-meaning gag (Joe's female identity is "Josephine"). "Not today, Geraldine" is not a quote from the film, but it's definitely possible that Little Edie was combining her references.
Not Tonight, Josephine
"Tracy... Hold Mama's waffles."
Updated On: 3/31/13 at 03:25 PM