(i.e. If you were walking on a giant razor's edge and fuck up, you either plumet to your death or you slip and land on the razor...getting chopped the fuck up and then raining down below).
Terms with the same meaning include:
SKATING ON THIN ICE and LIVING ON THE EDGE.
"Uuuh-huh...That foo be WALKIN ON THE RAZOR's EDGE right dea."