I'm not aware of any specific 'big dick stud ballbusting stories' in mainstream literature. Most literature focuses on more positive, moral, and complex human experiences rather than such potentially inappropriate content.
No, it is not a common phrase at all. It contains some rather specific and inappropriate terms that are not typically used in normal conversations or common language use.
No. Ballbusting is an extreme and abnormal behavior, and real stories about it are not common at all. Most people would not engage in or tolerate such dangerous and inappropriate actions.