When presented with a decision where there is no right answer or safe plan of action. Similar to being stuck between a rock and a hard place.
Buddy: "hum shitty poo, this fucking bus is never going to turn up is it. :( We could walk home in this lightning storm through the field of pylons? Or we could accept the lift from PychoSteve in his ice cream van?"
Guy: "Fuck knows, we're equifucked!!"
At the end of a long days boozing and perving Cunt-of-the-gang was equifucked. Tits or chips? he asked himself. To peruse one would result in the loss of the other.