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When your buddy or random person you know gets caught doing something so bad they have to run away with you before the cops show up. They yell 'Pack your shit!' like it's a race against time.
My cousin got caught robbing a gas station. He screamed 'Pack your shit!' and we ran to the bus station.
My friend got caught sneaking into a concert. He yelled 'Pack your shit!' and we took off.
I saw my neighbor get caught stealing a pizza. He told me 'Pack your shit!' and we ran into the woods.