A reference to both queen Elizabeth and Elizabeth Taylor. When someone, a gay man in particular, is queening out about something small or just being a drama queen in general.
John: I am so over this day! First, I was late to work and then I spilled coffee all over my brand new Banana Republic chinos. What's going to happen next? I'll probably get hit by a car walking home! I want to go home, get in bed, and never come out again!
Wayne: Ok, calm down, Elizabeth. It's not the end of the world.
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