You begin by combining your cum with cow shit. You then freeze this new liquid into solid form. You finish by telling a friend that is a new type of ice cream. Warning: only allow friend to eat 2 scoops - anymore is considered deadly.
When Mike pulled The Silly Cow Sludge on Kevin, he forgot the twoscoop rule and thus killed Kevin
Very old Brazilian expression, which means "all is (was) lost", with no turning back. Probably from rural origin, just think a farmer trying to rescue a cow from been stuck to death in a swamp.
It's used in situations like "The situation of the company was already bad in the Telecom market, then came the Chinese products and the cow went to the swamp"