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
Used by Rick James to describe poorly equipped females.
"The milk's gone bad Charlie Murphy"
by dave_12345 October 25, 2006