DCM means Disney Channel Moment. If you suddenly find yourself in a situation that seems like it could be made into a cheesy Disney Channel show or you say something like "Thats totes awk" You can use the term DCM.
Example 1:
Kimmie: Hey Kandie, did you think the dance was a major Blow or Go??
Kandie: Major Blow! Did you see Tammie dancing? Scandelous!
Kimmie: DCM!! DCM!!
Example 2:
Ryan: Hey man check out these sweet moves!
Drew: DCM bro...
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