I. phrasal
1. obsolete : to pass quickly from point to point (as in a discourse)
2.
a. : to touch bottom or an obstacle without sticking fast or foundering
b. : to succeed by a very narrow margin
II. noun
Etymology: from the verb phrase touch and go
1. : rapid movement from point to point : continuous flitting
its swift touch and go of actual talk — J.L.Lowes
2. : a highly uncertain or precarious situation or condition : a state of affairs so critical that the slightest turn may bring disaster or failure
touch and go of guerrilla warfare