To be in the unfavourable position of one step away from a downward spiral of none-too-well-liked happenings to yourself. See also red lining
Bob was skating on thin ice with his boss. He'd wrecked the guy's car, slept with his wife, ended his marriage and beat up his son. When the boss caught him photocopying his face, he was sooo fired.
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Used to tell someone they are on your last nerve.
"Son, you better stop that right now, you're skating on thin ice."