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1.
Noun: A particularly krusty or miserable situation
"Hey man did you catch Mike's party last night?"

" Yeah, it was a fucking tit-out though... ran out of booze before 10 and hardly any women showed up"
von Titman007 22. September 2011
 
2.
The female version of having a cock out. To compare tit sizes.
von Jellybean1221 15. Oktober 2010