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Definitions by eighth of seven

Flying off a cold shot 

An insult to someone's intelligence or ability, or describing an individual who is struggling to keep up with the rest of the pack
. A 'cold shot' refers to a steam-catapult launch from an aircraft carrier when the steam pressure is too low for the launch weight of the aircraft; on reaching the end of the deck, the aircraft is going too slowly for safe flight and may drop dramatically, or even (in extreme cases) ditch. If ditching is avoided, there follows an agonisingly slow climb away with the handle jammed forward and all the gauges pegged in a desperate attempt to gain height and speed.
"So what's the new guy like, any good ?"
"Man, he's flying off a cold shot."

"How's the training going ?"
"I feel like I'm flying off a cold shot"

handle jammed forward 

To push an aircraft's engines to emergency full power. May cause permanent engine damage if prolonged beyond a few minutes.

Used to denote someone who is going all-out.
"You busy ?"
"Yup, got the handle jammed forward"

pegging the gauge 

All systems wound up beyond the safe limit; literally, the needle on an analog dial has gone right round the dial, so far round that it's hit the peg marking the Zero poistion from the back.

Also known as redlining.
"I got the job done, but I was pegging the gauge by the end."

redlining 

Running a piece of equipment, most often an engine or other powerplant, way beyond it's rated maximum, usually in an emergency situation.

Usually, denoted by taking the engine revs or temperature up into the red area on an indicator dial, risking permanent damage or catastrophic failure.
"How fast will that thing go ?"

"One fifty five, but after one forty you'll be redlining"
redlining by Eighth of Seven January 8, 2007