A very stupid saying. You don't need to know what it means because whoever said it to you isn't worth listening to. The phrase was popular from October 2004 to January 2005. But now it's just stupid. The person who said it is probably a very insecure teenager (or a VERRRY insecure 20-something) who is just trying to sound cool.
Next time someone utters the phrase "jump the shark", take him/her by the hand and say gently, "It's ok, you don't have to try to act cool. No one's watching."
DWEEB #1: Check out my new parachute pants. They're phat!
DWEEB #2: "Phat" jump the shark last week! Anyway my parachute pants are modder than yours.
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