To piss the bed, making reference to the ill-fated ship.
You look like shit, what happened to you?
Every time I drink Tequilla, I come home and Sink the Titanic.
Dude, two words: rubber sheets.
Randall woke up in a pool of piss at the Bellagio after gambling all night and realized he had sunk the Titanic...so he left an extra $20 for the maid to change the sheets.
When you sneak up on a girl in the middle of the night and penetrate her "Hull" with your "Ice Berg", and proceed to fill her with your fluids.
Mark: So Jack I saw you got with Rose last night *nudge nudge*
Jack: Yeah I did, and I'm gonna Sink the Titanic tonight!