The phrase said when the presence of Vigilante is known. The Vigilante is the man that stands up on the 4th floor of his apartment complex and surveys the region all night. It is guessed that he does it to relax and chill, but in the meantime, he keeps the neighborhood safe. Everyone walking on the streets below know who he is, but do not know his identity. He is usually leaning forward on the balcony and looking around.
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).