This saying means that if you are sufficiently determined to so something (whatever that thing may be) you will somehow figure out a way to do it. This is, of course, not literally true; some things are going to be impossible to do, no matter how determined you may be. Nonetheless, determined people do sometimes accomplish extremely difficult things. So there is an element of truth to this.
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Are you thinking of "If there's a will theres a way?"
Oft is a poetic way of saying "often."
At my school it's a way of saying OK.c:
It's a nicer way of saying "D*mn it!"
Its a way of saying bro, which is short for brother. ^^ hope that helped