1) Sorry I was late. My car just shit the bed on the way over.
2) If your friends shit the bed and don't get us out of Harlem in the Klan costumes...
3) Last night I thought I had to fart, but I shit the bed instead.
1. A phrase that has become synonymous with "pro" poker player and pseudo-baller Micon on his very own poker forum, NWP.
2. To make unsound business decisions, squander your funds and the funds of others, and generally fuck up your life at every turn. (See previous definition as prime example.)