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The phrase used to describe an inopportune moment for ejaculation.
Bill: Hey, I'm going to have unprotected sex tonight.
Frank: Well, you splooge, you lose!

Sam: Damn it! I've got a boner in khakis for that hot bitch who's presenting in class today!
Ryan: Keep it cool, man. You splooge, you lose. And get weird looks for the rest of your life.

Barack Obama: Dang, the Chinese foreign minister is one sexy woman! How am I going to stand at the podium while she's 3 feet away from me?
Hillary Clinton: With all due respect, Mr. President, you splooge, you lose. And maybe also cause nuclear warfare.
by MarceltheGreat March 04, 2011