Literally means 'I'll assume responsibility and control of this situation from this point forward.'

It's usually used in a condescending manner, with sarcasm optional. So, in reality, it means, 'You've screwed up enough/underperformed the task, so I'll assume control and responsibility so it won't become FUBAR.'

when you've done something so cringe you can't stop replaying it in your head and it stops you from getting on with your every day life