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shit is going down 

Moment in time shortly preceding defacation.
"Dude, you've been in there for the past hour. I need the toilet too, come out!"
"Sorry I can't, shit is going down!"
James Bond - Quantum of Solace

"My brow frowned
In strain
As the poo train
Came to town
Shit was going down"
Seamus Heaney - Childhood Memories

Shit's goin down 

An expression used commonly to refer to a seemingly impending fight or confrontation that will usually result in someone or multiple persons getting the shit beat out of them. Often heard when one person insults another's mother or girlfriend and the man insulted enough is ready to flip.
He just hit on big Mike's girl.
Dude, shit's goin down.
Shit's goin down by dawg47 May 31, 2010

shit is goin' down

What you say when you know something big and bad is happening.
Dude, did you hear about Jamie cheating on Zach?
Yeah, shit is goin' down!

shit is goin down 

What you saw when you know something big and bad is happening.
Dude, did you hear about Jamie cheating on Zach?
Yeah, shit is goin down!