When presented with a decision where there is no right answer or safe plan of action. Similar to being stuck between a rock and a hard place.
Example 1.
Buddy: "hum shitty poo, this fucking bus is never going to turn up is it. :( We could walk home in this lightning storm through the field of pylons? Or we could accept the lift from PychoSteve in his ice cream van?"
Example 2.
At the end of a long days boozing and perving Cunt-of-the-gang was equifucked. Tits or chips? he asked himself. To peruse one would result in the loss of the other.
And dying in yo' bed many years from now, would ya be willing ta trade all da days from dis here day ta dat fo' one chance, just one chance, ta come back here as young men an' tell our enemies dat dey may take our lives but dey will never take our freedom ... YUB NUB!