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Shit your pants in class day 

On this day you should shit your pants in class regardless of age. It is on feburary 1st
Hey broski, today is shit your pants in class day! Don't forget to take a massive dookie in your pants today during class!!!

shit your pants and dive in and swim 

a phrase often used when a person is left without options for a given situation... basically when someone is totally fucked and there is nothing they can do about it
Joe told me the cop pulled him over for running a stop sign and found a quarter pound of weed and an open bottle of gin in the car... He asked me what to do and I told him to just "shit your pants and dive in and swim".