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1.
1. Phrase meaning to continue with the planned course of action despite known risks. Phrase quotes David Farragut, an officer in the Union navy in the Civil War. After receiving a warning about torpedoes (water mines) in the water ahead, he uttered the famous phrase.

2. Tom Petty and the Heartbreakers' third release.
1. Friend:"Don't go there, she's a real black widow. She wussified her last boyfriend.
Reckless young man:"Damn the Torpedoes, I'd hit that."
by scobe May 05, 2007
 
2.
A stupid saying used by has-been chess players in an attempt to be cool.

Those who use this saying often have older sisters that are gang-banged by their friends.
Corbin: Damn the torpedoes!
Me: Give it up! You suck at chess and you always will!
by Conor February 16, 2005
 
3.
A saying that isn't real and is really gay and stupid. Commonly used by has-been chess players who want to sound cool.
Corbin: Damn the torpedoes
Me: Give it up! You suck at chess and you always will!
by Conor February 16, 2005