Like a hit and run but involving taking a shit. It's any shit that is performed in under two minutes, thus leaving no time to wipe, wash your hands, or flush. So you drop trow, shit, pull up, and go. The next person into the stall knows they've been the victim of the shit and run.
Shit Sergeant: "Alright maggots we're doing the two minute drill, the shit and run on my whistle!!"