To be scared or suddenly shocked
"Hey , do you want to go on the roller coaster?"
"No man, I nearly shit ma bit last time."
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To have hastily improvised with what little materials available at the time
"Where the hell have you been? It's your turn to buy the beers!"
"Sorry guys. I was stuck in the toilet with no bog paper so I McGuyvered a shit spoon out of my sock."
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