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.
When you have to pee in a movie but don’t want to miss anything, and must do the following mental equation: will the amount I have to pee cause enough discomfort to diminish my attention capacity for the remainder of the movie to an extent which is greater than the amount of the movie I would miss by making a mad dash to the restroom.
I saw Satantango last night, wonderful film but by the 5th hour I had to start doing pee calculus.
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).