person 1: i had sex with an omlette in the middle of a mall while making eye contact with a security guard before being escorted out
person 2: you fucking what??? you goin to jail cuhhhhhhhhh
Original saying was "I'm all right Jack, pull up the ladder".
Meaning when a man had got safely on board ship by climbing the ladder from the sea or from a lifeboat, don't bother about saving the rest of the guys because I don't really care about them.
A thoughtlessself-serving person when asked to sympathise or help someone who had lost his/her job might say "Well, I'm all right Jack!".
A phrase meaning that some serious ass is going to get whooped, more so than usual, because there's nothing else left to do that can solve the current problem. It also makes for a great entrance to a party.
The phrase originated from the 1988 John Carpenter film "They Live". The main character walks into a bank with a shotgun and says the line, then proceeds to shoot all the aliens-disguised-as-humans in it. And yes, it is as awesome as it sounds.
The phrase was also used in Duke Nukem 3D and a modified version was said in the 1993 film "Dazed And Confused", where a character says "I came here to drink beer and kick ass... and it looks like we're almost out of beer."