Literally, when you're in the military and you're going away on a mission that doesn't involve signifigant risk of life, e.g. deployed to Germany as opposed to Iraq, but you make it should like you're going to die.
In general, making an impending non-threatening situation sound like you're risking life and limb.
Will: Wanna go to Chickie's and Pete's tonight?
Rich: Damn... I could really go for some crab fries... Well, I'd like to go, but I'm on borrowed time.
Will: Really? Why, what's up?
Rich: I have to clean the gutters in my house. They're filthy.
Generally used by old people of themselves. They're living longer than they're "supposed to", hence they're living on borrowed time.
My 90th birthday is approaching. I feel like I'm living on borrowed time.
The name of a truly awful garage band experiment gone bad inspired by a wanna be artist.
That Stiff Ptr let somebody think that he actually has talent, so he decided to start a crappy band called borrowed time.
If you survive some situation where you would have otherwise did were it not for some miracle of God then your entire life after that point is said to be borrowed time.
A man walks across a street without looking both ways when he accidently steps on a bottle, that happened to be rolling by, and falls straight down. Exactly half a speeding truck passes in front of him, only missing by inches. This man is living on borrowed time because if it hadn't been for the bottle rolling by at that exact moment he would have been smashed like a caterpillar eating your grandmas favorite rose bush.
when someone fucks up real bad,and the time is no longer their own ,they are now on probation.
When my boyfriend pisses me off, he is on borrowed time.