You're out of control. Stop acting out of control, or Calm it down.
It comes from a board game in the 1990's by Parker Brothers, called Outta Control, during which a player would "Hit the buzzer" when someone was violating a rule.
You friend is acting crazy, or blowing things out of proportion and you say, "Hit the buzza"... it's like saying "stop, you're totally out of control."
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