The term used when confronted with an important decision that could greatly affect your near future. But since you're under the influence of alcohol, hinders your good judgment.. and at the top of your lungs you scream, "EHHHH FUCK IT!" This notifies everyone around you that you don't give a fuck about your immediate future.
Dude1: Yo man are you ready for that test tomorrow morning?
Dude2: (ChuggingVladdy) W..what? test? Shit, I didn't start studying yet...........Eh Fuck It! (Drains vladdy bottle)