Popularized by a Dave Chappelle impersonation of the 80's superfreak, Rick James. "Milk's gone bad" is in reference to the sight of a pair of less than favorable mammary glands.
I'm Rick James, bitch! Lemme see them tittays! ... (grimace) If I had four hands, I'd give those tittays four thumbs down, the milk's gone bad, bitches!
by Dr. Combs April 14, 2004
"The milk's gone bad Charlie Murphy"
by dave_12345 October 25, 2006