The story
Either coined in, or popularized by, the song of the same name in 1993 by American rapper E-40 (Earl Stevens).
Etymology from Wiktionary, CC BY-SA 4.0.
captain save a hoe
Today it means: A man who spends an excessive amount of effort and money in seeking the approval or affection of a woman, usually a promiscuous one, despite receiving little appreciation or reciprocal regard. Full definition →