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1.
Phrase originaly used by well known actor Roy Scheider in the 1975 blockbuster 'Jaws'. He utters the line when he gets a good look at the size of the shark that is circling the small fishing boat he is on. Used in day to day life when a situation seems insurmountable.
"We need to find him 1000 red M&Ms before he goes on stage in 15 minutes..... We're gonna need a bigger boat."
by Dunk Willbery May 22, 2005
 
2.
When you're in dire need of more resources for an upcoming situation, eg. A night out that requires copious amounts of chemical stimulation.

Can also be used when you're in a situation where the females outnumber the males heavily.
Friend: Hey douche, we are going OUT tomorrow night and we are gonna hit it hard!

Me: We're gonna need a bigger boat.

Man look at the pussy up in this place! We're gonna need a bigger boat.
by MontanaSpanner April 04, 2013