Don"t Mind If I Do was a catch-phrase popularised by Colonel Chinstrap in the radio programme It"s That Man Again. It implies "say thanks to you extremely a lot, I am pleased to accept your sort offer".
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It is chiefly offered in accepting the sell of a drink (well, that"s generally when I usage it, anyway), however will certainly perform for any kind of other tiny gift.
This is said to politely accept an sell of food or drink:"There"s plenty even more cake if you"d favor one more piece." "I do not mind if I perform."
Beginning in 1910, and also then particularly by the late 40s, this phrase was an extremely well-known British way of accepting an market - definition "Yes, please!"
To me, it now sounds a little bit quaint and old-fashioned, probably also through a tendency towards reduced course. But this is a pucount individual impression.
Adding a little to the excellent information in the other answers...
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I think essential to seeing why the answer is "1" and also not "2" (Steve alerts Jim, lightly, not to mind) is to realize that there is an elided "I" at the start of the idiom. That "I" is often explicit. See e.g. the song
I entered the kitchen, "twas cosy and also brightSoon a fine hearty stop, I put out of sightSays she "Have a drop of the old hill dew"And me darlin", says I, I do not mind if I do(http://www.shamrocksinthewind.com/lyrics_frolickn.html)The Rovers perform this song at http://www.youtube.com/watch?v=EKi00SVmLJ4
The various other aspect to knowledge the create of this idiom is British humorous understatement. "I do not mind", taken literally, is an extremely weak and modest affirmation. But it"s construed as understatement for a more powerful "I"d like that" or even "I"d love to", through humorous effect. I think, the greater the disparity in between the literal and also understood definitions, the funnier it is.