A term used for when a situation is progressively getting worse over
At a house party
Anton: "Man this party is so slow, there is like zero women here and no booze"
Leroy: " Yep, this ship is sinking, I am out"
by RaiRaijinn December 14, 2016
Famous quote of former New York Knickerbocker Michael Ray Richardson. Indicates an epic fail.
Joe: Hey, what do you think of the Obama campaign now that Palin is the vp pick?

Me: The ship be sinking.
by Audacity17 September 5, 2008
Buttoning up your lip means to quit snitching on your people or yourself for your ship is sinking
Yo rat button up your lip your ship is sinking
by HollowLlama January 26, 2018