Often used in the popular college drinking game "beer pong," but not limited to this context, an expression used to convey sever disappointment that something didn't go your way.
"awwwwwww...... PISS AND TITS!!!!!!! That was in!!!!!!" or
"aw, piss and tits, I missed the Pick Six by one number." or
"I'm gonna miss this traffic light and I'm already a few minutes late... Piss and Tits!"