To shake hands with the Bishop with superlative and potentially damaging vigour. The phrase is based on the case of a man who had to go to ER with lung trauma, self-inflicted via an excessive Barclays.
Can also be employed to describe enjoying something to a level beyond reason or warrant, whilst also implying that the person experiencing said enjoyment is a wanker.
Alf: Iâve just seen the Snyder Cut of Justice League and itâs the best film ever in the history of film.
Bob: Calm down, donât tear a lung.