When you say something that you later regret. Usually refers to times when you tell an embarasing story to your friends because you think it is funny, but they then use that story to make fun of you.
Dude, stop telling people about that time you saw your grandma naked. Your sticking your penis in an electrical socket.
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.