to save your sinking Titanic

to do anything and everything possible to save one's school/university semester that one is about to fail.

mother: George look at your grades. You' re failing your last year in high-school. Is there anything you can to save your sinking Titanic?

George: Lol. no. I think it's a little late to do anything about it now. I should have listened to you and partied less.

mother: At least it's worth a try, don't ya think so?