If you bite off more than you can chew, you take on more responsibilities than you can manage. 'Don't bite off more than you can chew' is often used to advise people against agreeing to more than they can handle.
Similar to 'cutting edge' or 'leading edge', this implies a technology or process that is at the forefront or beyond current practices. However, because it is unproven, it is often dangerous to use (hence the 'bleeding').
When the blind are leading the blind, the people in charge of something don't know anything more than the people they are in charge of, when they should have greater knowledge.
(AU) If an Australian says to you "Your blood is worth bottling", he/she is complimenting or praising you for doing something or being someone very special.
People say '(well,) blow me down' when you have just told them something surprising, shocking or unexpected. ('Blow me down with a feather' is also used.)
(USA) If people blow smoke, they exaggerate or say things that are not true, usually to make themselves look better.
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