1. Often used to describe (1)When something bad has happened or (2)When a situation has turned bad.
2. Biscuits of the tit.
(1) Guy #1: We're can't go out till the rain lets up.
(1) Guy #2: Titty Biscuits.
(2) Guy #1: Miss is gonna bust your ass when she finds out you havn't done the work.
(2) Guy #2: Titty Biscuits.
2. Titty Biscuits are made of all things sextacular.