An action taken by one friend towards another after being provoked past that individual's threshold or tolerance for annoyance, disagreement, or disrespect towards him/her. An Italian often has a much lower than normal tolerance for aggravation, and will prompt a "time out" by saying "Are you f---ing serious right now bro'?" or "How you gonna come off like that to me?". He will then place the friend (sometimes ex-friend) on "time out" for an indefinite time period, not talking, calling, nor returning phone calls. In extreme cases, the melancholy time-out-ee will try anything to get back together with his/her friend. The exchange of online, often sentimental, greeting cards are a popular option.
Jason had had enough... he pulled up next to Manny in his Camaro exclaiming, "That's it bro'. You're on time out!"
1. coined circa 2006 by crazy Matt, this is a slang term for one's backside. Often used in coordination with "Party Box".
I skipped the Party Box and went right for the Cocky Box!