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to save your sinking Titanic 

(verb):

to do anything and everything possible to save one's school/university semester that one is about to fail big time.
mother: George, you're failing your last year in high-school. Is there anything you can to save your sinking Titanic?

George: Lol. no. I think it's a little late to do anything about it now. I should have listened to you and partied less.
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The Ship Be Sinking 

Famous quote of former New York Knickerbocker Michael Ray Richardson. Indicates an epic fail.
Joe: Hey, what do you think of the Obama campaign now that Palin is the vp pick?

Me: The ship be sinking.
The Ship Be Sinking by Audacity17 October 20, 2008

to save your sinking Titanic 

to anything and everything possible to save one's school/university semester that one is about to fail.
mother: George look at your grades. You' re failing your last year in high-school. Is there anything you can to save your sinking Titanic?

George: Lol. no. I think it's a little late to do anything about it now. I should have listened to you and partied less.

mother: At least it's worth a try, don't ya think so?

Boarding a sinking ship 

Band-term. After one band member decided to quit the band, all the other members already know that it's over but they decide to put up an add for a replacement anyway "just to see where we can take this anyway". After the new recruit joins this band with the enthousiasm of a young pup and probably got himself new "gear" just for this occasion, a month in or so after some half-assed rehearsals the whole band decides to call it quits.
"I got a new bass, a new amp, quit my job so I could make it to all the rehearsals, wrote five songs, and then they decide to quit!"

"Sounds like you we're boarding a sinking ship!"

to save your sinking Titanic 

to do everything humanely possible to save one's big time failing school/university semester
mom: go do your homework

son: go away. im off to a friend's house

mom: in which case, i refuse to help you to save your sinking titanic

The Sinking of the USS Nimitz 

While copulating with someone from behind, licking your index and middle fingers and sticking one up each nostril.
"Let's try 'The Sinking of the USS Nimitz' tonight!"

to save your sinking Titanic 

to do everything humanely possible to save one's big time failing school/university semester
mom: go do your homework

son: go away. im off to a friend's house

mom: in which case, i refuse to help you to save your sinking titanic