The term used to describe something exceptionally awesome. The term is derived from the basic phrase of describing something awesome as "the tits", yet we all know that everything is better on ice, so when something is exceptionally awesome it can be described as "tits on ice", hence the etymology of the phrase.
Jon: "Man Rambo IV was the tits! I can't wait until Rambo V comes out."
Josh: "Yeah man, that shit is going to be the the tits on ice!"
An affliction similar to whiskey dick, experienced only after mass consumption of the bottom shelf vodka known as Popov. In this situation, a man's healthy erection is struck down and remains deader then disco, therefore ruining all potential chances of sexual gratification for the rest of the night. Secondary symptoms include feelings of shame, emasculation, and frustration.
Jon: So what ever happened with you Abbey last night? Did you end up slippin her the old Hebrew National?
Josh: Man, I tried, but...I drank too much vodka and got a bad case of the Popov penis.