A cock and bull story
    This is a lie, possibly an elaborate excuse or explanation.  (Often called "B.S., bullshit, a bullshit story, etc."  "Bullshit" and "bullshit story" are vulgar.)

To face the music
    To accept the consequences/responsibility for an action.

Hold your horses!
    Wait!  Hold on!  Be patient!

To be in hot water
    To be in trouble, "to be in Dutch".

No dice
    I can't, I won't, Impossible, I refuse, I will not cooperate, No, etc.

To drive/go pedal to the metal
    To drive very fast,  "to drive balls to wall"

To do something like you had/have a pair

    To be brave, act decisively, etc.  Somewhat vulgar, said by men of men, not by women or of women!

Bud:    I was driving pedal to the metal and I wrecked Dad's car last night.  He's going to kill me!  I want you to phone and tell him a cock and bull story about how I was trying to escape some guys who were going to rob me when I crashed.
Joe:    No dice.  I'm not going to lie to him.  Your dad's never going to believe you and a B.S. story will only get you into more hot water.
Bud:    But he'll kill me!
Joe:     Hold your horses!  Your dad was once young too.  Talk to him. 
Bud:    What can I do?
Joe:    Face the music.  Tell him the truth for a change.  Be a man.  Act like you have a pair.