An IPO would be the water hose getting kinked, and now you have to walk all the way back around the house to unkink it. Anything that causes sudden annoyance.
As explained by a pot smoking friend of mine, when cops become suddenly present in a situation such as a party with illegal substances or underage drinkers, the term is used to respectfully and covertly state your intention to leave immediately without further question or discussion so as not to deal with the consequences of the situation.