Massively popular phrase used all the time in England to describe that exhilerating moment just before a big event like a victory or a total fuck-up. Comes from the famous commentary in the closing moments of the 1966 World Cup Final - "Some people are on the pitch ... they think it's all over (Geoff Hurst scores to put England two goals ahead)... IT IS NOW!". England beat West Germany 4-2 after extra time to become world champions. Too bad we can't do the business on the pitch these days...
"Look over there - Dave's breaking up with Donna. They Think It's All Over...it is now".
by Doggie Dogster March 28, 2006