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1.
A better way to ask, "fish or cut bait" or "piss or get off the pot"; in other words, to tell someone to be decisive in making a decision.

Literally it probably refers to a situation where you're competing for a woman with another guy.

In other words: "Are you going to fuck her(ie. win), fight him(ie. TRY to win), or hold a light up for his convenience while he fucks her?(ie. be a total loser)"

Sort of a takeoff on the whole "fight or flee" natural evolutionary response.
John: Yo, Ron, it's your turn to bet!
Ron: I'm thinking
Ray: Enough thinking, already! Look - either fuck, fight, or hold the light!
by cyberpope67,BC,Canada December 28, 2007

Words related to fuck, fight, or hold the light

bait fight fish fuck light piss pot