When one obtains booty, realizes he/she no longer wants it, and throws it into the ocean.
Guy 1: Dude, how was your night last night?
Guy 2: Well, I found the treasure chest and almost looted it all, but today she just won't stop texting me. At this point I'm ready to throw her into the ocean.
Guy 1: Damn, the Pirate's Dilemma...