1) In general, it describes a state of mind where you are trying your best and going all-out.
More specifically, it's a phrase used to describe the extremely hardcore state of mind a player is in when he uses the "All Out Attack" offensive strategy in NHL 2004/2005. It is usually used as a desperation strategy when you're getting your butt kicked by your friends.
Player 1: I just switched to All Out Attack.
Player 2: Oh no, he's goin' balls deep!
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