been there and done that

I have been there and done that. Is this right sentence? I don’t know this is right or not. However, I saw this sentence on movie the day before yesterday. I asked one of my friends, Mike, who has worked at my favorite bar. He told me this sentence is like an idiom. Meaning is to have experienced the topic under discussion and become bored with it.
He gave me several examples, however, I couldn’t understand exactly. This is examples of that phrase.
A : How's your job-hunt going? B : Not very well. A : What's the matter? B : I'm sick and tired of sending out the resumes. I just keep on failing. A : Been there, done that. I know just how you feel.