To remove yourself from a situation that in your mind (or your buddies) has become too gay for your liking. Whether it be at party full of guys (sausage fest), an event you got suckered into attending or any other scenario you deem gay.
Mike: Dude, I thought you said there was going to be tons of chics here?
Jimmy: I know, those guys playing twister in their undies is scaring me.
Mike: Let's break anal and get out here.
Jimmy: I'm pulling out with ya.