Punto y pelota

[poli]

From what I can tell, it means and that's final,
but I'm not sure. Is this a common phrase?

[chileno]

Originally Posted by poli

From what I can tell, it means and that's final,
but I'm not sure. Is this a common phrase?

Nunca he escuchado así.

"...y punto (final)" es como se usa en Chile y en otras partes.

[Ambarina]

...y punto.
...punto.
...punto y final.
...y punto pelota.
Various ways to say the same thing; as you said, and that's final/that's all/the last word,etc. But the last one is colloquial, at least in Spain and I don't think you'd hear it in formal circles.

[AngelicaDeAlquezar]

I've never heard it, but it's funny.

The ones I've heard are:
...(y) punto.
...punto final.

And lately, people around here tend to say "...(y) punto. Se acabó."

It's also rather colloquial, but wouldn't be shocking in a formal environment.

[chileno]

Originally Posted by Ambarina

...y punto, pelota.

That one is out of the question, right?

[JPablo]

I agree with the previous answers. I include some more data that may be of help, in terms of what expression to use in Spanish depending on the register (colloquial, formal, etc.)
ElPlop. (com http://elplop.com/) lo define así:
punto y pelota (en España) expresión usada para zanjar una discusión o un asunto
El Diccionario de Uso de Español de María Moliner da la versión más "formal":
P. redondo. 1 (inf.) Punto final. 2 Se dice como comentario cuando alguien expresa tan categóricamente una opinión o una determinación que ya no cabe responder nada.
P. final. 2 Hecho o, particularmente, palabras con que se da por *terminado algo; por ejemplo, una discusión.
Y lo mismo el DRAE:
2. m. coloquial U. para poner fin a discusiones, conversaciones, etc.
In addition to the ones Ambarina notes, there is also: "y sanseacabó", which is normally used by someone in command, and it is very emphatic. (Punto y pelota, is more relaxed, and playful, probably coming from some sport slang.)
Moliner defines "sanseacabó" (informal) Expresión con que se da por terminado un asunto o se corta una *discusión o una *réplica; generalmente se dice precedido de «y»: ‘Lo haces así porque te lo digo yo, y sanseacabó’.

[sosia]

Originally Posted by Ambarina

...y punto.
...punto.
...punto y final.
...y punto pelota.
Various ways to say the same thing; as you said, and that's final/that's all/the last word,etc. But the last one is colloquial, at least in Spain and I don't think you'd hear it in formal circles.

Agree. y punto pelota