Can be used in one of two instances

1. When it would be literally impossible for things to get any worse.

or

2. When things are bad, but not as bad as possible. If used in this way, things are bound to get much worse.
1.

"My house burned to the ground, my wife divorced me taking everything I could salvage from the fire, and I was hit by a truck on my way to the courthouse." said Bob.
"It could be worse" responded Joe.

2.
"Great, someone stole my car and I have to walk to work!" exclaimed Sam.
"It could be worse" responded Sue.
Upon saying this, the clouds became a dark gray followed by torrential downpours for the rest of the day.
by Mr. Unicorn November 20, 2010
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A Minnesotan phrase used to emphasize indifference to the current situation. Used to portray things as not bad, and not good. Could be worse.
"Heya bud, what'cha feel about this weather?" "Oh, ya know. Could be worse."
by egor001 March 20, 2017
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John- "I crashed my car yesterday cause I was drunk, I'm going to jail."
Jim- "Well that sucks. But Still... could be worse."
by titomortal May 26, 2015
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One of the best punk albums of all time, by the legends that are Bad Religion
The final page is written in the books of history.

-Part III

How Could Hell Be Any Worse?
by the numbers game September 7, 2008
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