R.A.D

Rewind and Delete (Pronounced rad.) Used when something embarrassing, inaccurate, or unintentional is said or done. Enables speaker to dig him/herself out of a hole: "Just R.A.D that and let me start over."

Can also be used in the event of tripping, spilling, fumbling, etc.

Me: "The party is on Friday."
You: "On Friday, really?"
Me: "Oops, R.A.D. that, it's on Saturday!"