To kill yourself. To commite suicide. To pick the last choice available to you. Scantrons, which are bubble sheets used for tests and exams, come with five options. Option E is usually reserved as being the last possible answer to a problem.
My girlfriend dumped me, I've got no money, my dog died, and the world sucks. Fuck it, there's always Option E.
The action of eating double cheeseburgers from BurgerKing and McDonalds, while simultaneously drinking vodka, smoking pot, and frolfing
"You get the weed, Ill get the burgers, and we'll meet at the frolf course for some option E."