Literally, it means "the clown lifted you". If you hear it, you got the short end of the stick and there is no hope for you. You're screwed. You ran out of luck, or even passed away--depending on the context. Our panel of experts cannot come up with an explanation of why a clown lifting your body would be a reference to misfortune.
Example:
Gringo: ¿Qué pasó con tu pinche blog?
Experto: Nada. Estábamos de huevones.
Gringo: Yo creí que se lo había cragado el payaso.
US Citizen: What happened to your darned blog?
Expert: Nothing. We were just slacking.
US Citizen: I thought it was over.
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