This is a phrase commonly used by construction workers and contractors as a helpful reminder not to leave hardware on the ground or any other place where it could potentially harm unsuspecting co-workers. The same goes for your penis.
"Hey John. Don't leave your penis on the ground. B kool bag your tool. And don't leave that saw on the ladder either."
When you have to pee in a movie but don’t want to miss anything, and must do the following mental equation: will the amount I have to pee cause enough discomfort to diminish my attention capacity for the remainder of the movie to an extent which is greater than the amount of the movie I would miss by making a mad dash to the restroom.
I saw Satantango last night, wonderful film but by the 5th hour I had to start doing pee calculus.
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).