Its used to symbolize fear; generally meaning that they are on the verge of explosion.
Its a Urdu language word and has originated from the streets. Many kids/teens in Pakistan and India use it.
Its considered as slang language
'i tried to convice him to that he should complain to the principle but uski phat gai'
'jab bhi woh apne abu ko dekhe uski phat jati hai'