The literal meaning is "Five seconds from seriously losing it." It is generally a word used to describe someone who is 'on edge.' They are at the point just before having a total meltdown.
Person #1: Hey, buddy! I didn't want no goddamn mustard on ma' burger!
Person #2: You need to calm yer ass down.
Person #3: Hit the deck! He's MK5!
Person #1: (Explosion, resulting in the eatery getting leveled)
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