A phrase used to describe the stress or anger of someone else, often used to attempt to calm them down. Similar to don't get your knickers in a twist.
Derives from the painful experience of testicular torsion.
One who has their "bollocks in a knot" is either very stressed or is in some way pained or angered.
John: Ryan I think I've left my history homework at home...
Ryan: Mate, don't get your bollocks in a knot, it's not due in until Friday.