Derived from a term that appears in Weebl & Bob.
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.
The result of when sweat mixes with excess powder applied to the breast area of women.
When you put lots of powder on your chest or down your shirt in order to keep cool in the heat, but your sweat mixes in with the powder and forms little clumps called "Titty Biscuits".
As above, also possibly the best website in the entire world when you add dot com after the phrase.
Titty Biscuits: Dude, have you checked out tittybiscuits dot com? I wish I registered that domain name first.