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A basketball term used when a player takes possestion of the ball in his/ her own half, and keeps possestion until ultimatly scoring a lay-up or dunk within 15 seconds.

However, it is now used as a substitute for something majorly cool. Also, can be used to describe someone whose in such trouble that its futile trying to escape,
(commentator) "And it's Shaq with the ball - pass it in! Pass it in! Wait! OOOOOOO! A runningice if I ever did see one!"

"Hey! Wanna come back to my house for some lovin'?" "Runningice!"

"Damn, whens Harry gunna get here?" "Doubt he will, he's runningice,"

"Did you hear? Tony ran away from the police!" shrugs "Ha, he's Runningice..."
by Stephen Bell-Young April 25, 2006
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