Comes from the Latin "Risk it for the biscuit". Term was Americanized in the late 19th century. Generally used in situations that are risky.
Woh Bro! These mountains sure are risky biscuits!
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A brigade of Pirates in the game Windward known for their fearsome cruelty and fun-loving questing.
The Risky Biscuits are love their grog and their wenches
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Relates to pro-evolution soccer. The term is applied to a situation where a foolish and un-necessary risk is taken but goes unpunished.
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When a women is extremely fertile, and it's risky to cum in the biscuit.
Dude! She has a risky biscuit.
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The biscuit resulting from a game of soggy biscuit.
The last guy to spaff had to eat the risky biscuit.