However, it is now used as a substitute for something majorly cool. Also, can be used to describe someone whose in such trouble that its futile trying to escape,
"Hey! Wanna come back to my house for some lovin'?" "Runningice!"
"Damn, whens Harry gunna get here?" "Doubt he will, he's runningice,"
"Did you hear? Tony ran away from the police!" shrugs "Ha, he's Runningice..."