Line often uttered in early 1930's Hollywood gangster movies meant to "stop it" or "quit it" to cease whatever illegal activity prompts the command often when the police arrive.
Police siren. Hood to other hood: "Cheese it! The cops!!"
The event of unexpected ejaculation in ones pants, through extreame excitement to outside stimuli.
After walking up to the brand new Ferrari, Alex proceded to make himself a pair of cheese pants. However, this was nothing compaired to the cheese pants that Kurtis made after seeing the head cheerleader flash him.