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1.
What happens when one person eats over 200% of their Daily Recommended Value of saturated fat. Also can be used to describe imminent failure, or fucking up bad.
Casey was shitting lipids after eating an entire pint of Haagen Dazs.

"I'm just shitting lipids over that DSP exam," proclaimed Casey, as he knew that his grades would plummet him into disaster.
by Zorba November 13, 2003