I hear "가지고" used a lot in spoken language (almost never in written language); for example:

고기를 잡아 가지고 찌개를 끓였다. ([He] caught a fish and made jjigae (stew).)

It's not hard for me to understand this sentence, but I'm interested in knowing the precise meaning of the connective phrase 아/어 가지고, and when it can and cannot be used. Does it just mean "and"? And if so, what distinguishes it from -고 (e.g. 고기를 잡고 찌개를 끓였다)?