Definition
To cease doing something, at least for the day.
Origins
From the game of cricket, where a day's play is terminated by the umpire drawing the stumps out of the ground.
How People Actually Use It
A threat that you will cut off someone's fingers, hand, arm etc. unless they stop bugging or annoying you (hopefully not literally). An amputated limb is called a stump, so unless they stop touching you, you'll cut something off and they will draw back a stump...not a hand.
"You touch me again and you'll draw back a stump!"
Source: Urban Dictionary