The phrase "cocked hat" refers to an old-fashioned type of hat worn by men in the past. It has a unique shape where the brim of the hat is folded up on three sides, creating a triangular shape. Full definition
They are dressed for the conditions while the British are wearing frock coats and sporting cocked hats. (newscientist.com)
Being kept out of the NCAA has knocked our recruiting of swimmers into a cocked hat.» (si.com)
Incidentally you can check the figures in your new chum Peter Oborne's book the Rise of Political Lying in which he charts the addiction of New \ Labour to systematic misinformation and explains why it is they are so much worse than the Conservative s Party I think you will find you lame - ass weak sheeeet over in the cocked hat into which I have knocked it bitch (Just watched the wire....) (nextleft.org)