The actual meaning whether u like it or not--A game where a group of guys jack off in a circle, where a cracker is placed in the middle. The last guy to blow there load on the cracker, must eat it with all the sperm on it. Therefore the biscuit is limp cuz of the sperm. Also a band name led by Fred Durst.
Holy Shit Dude its time for some limp bizkit eatin.