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To suffer complete loss, or to lose everything or all your gear, often in relation to financial troubles, or in social events, generally through one's own ineptness or hubris. A variant of the phrase 'hook, line and sinker'.
After we hooked up I forgot to call her, now she won't talk to me. Dropped the rod on that one.

OMG I think I just dropped my rod getting out of this condo mortgage!!!
by Wynken de Word April 19, 2010
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