Originally the name of an Olympic class ocean liner built and launched in 1912 (And sinking in the same year on it's maiden voyage) Titanic usually refers to when a situation is degrading rapidly with the girl you're chatting up and your chances of "getting in" are dropping fast.
A Titanic situation can be avoided with proper preparation of resources such as deodorant and in some cases, basic knowledge of the individual.
Guy one to his mate guy two: "Shit that was horrible, that went down faster than the titanic" Two: "What happened? Did you let her go jack?"