To sink your own ship due to incompetence and arrogance. It is derived from the historical event in which Ocean Marketing chose to challenge Penny Arcade during a string of rude costumer service emails involving a gaming product. This moment of stupidity and arrogance began a chain of events that led to Ocean Marketing's downfall. It has officially replaced the word "titanic" for such events.
As Bob drunkenly bad mouthed his boss at the company holiday party, he had no idea his boss is standing behind him the entire time. Effectively Ocean Marketing his career there.
Man #1 - I was flirting with this girl outside my car window while driving when I smashed into a cop car. There goes my car AND my license!