A strange, random phrase used to describe anything. Usually used as an excuse for something you weren't supposed to do. The conversation including this phrase, used by my 3 year old cousin, is shown below.
When 2% of the moon (or less) is visible from the reflecting sunlight at night. This causes the moon to look like a little sliver of itself.
A Slivermoon will cause a sane person to act insane. Full moons bring out the crazy in a crazy person, A Slivermoon causes a sane person to act insane.