The maximum possible reaction, either good or bad. Schlotz is mainly used to describe the manner in which you will react to prospective circumstances. Schlotzing, although not as common a term, can be used in certain circumstances. Schotzed is not to be used.
"If I win the lottery, I'm gonna schlotz."
"If I fail this test, I'm gonna schlotz."
"Man, don't go near him right now. He's freaking schlotzing!"
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