The phrase is an exclamation marking the event that the user needs to take a massive dump, often one that is minutes or even less to where
shit hits the fan, quite aptly.
It's origin stems from the "
T minus ____ seconds/minutes/hours etc.." announced for important events, such as New Year's
ball dropping, bombs going off, or in this case a shit-storm.
When
T Minus is yelled, followed by a time for more accuracy, it is imperative to get him/her to the nearest restroom or else all hell will break loose, or just their bowels perhaps.