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bounce it off the limiter 

To do something in complete and utter excess. Derived from the way in which a vehicles RPM tachmeter is said to "bounce" when the engine hits its rev-limiter.
dude can you get some butter from the dairy, and fucking bounce it off the limiter; I'm hungry.

Below the speed limiter 

This is an incredibly inconsiderate, incompetent, and sometimes dangerous driver who causes others behind her to have to hit their brakes to avoid running into her. She (or even he) may think that it's their job to dictate how fast traffic should be according to their stupidity, paranoia, and/or personal fear.
She was driving 45 miles per hour. Another stupid below the speed limiter.