Sometimes you will hear it as "Life is just passing me by." Basically it means that life is going on and I have not taken part in it as I would like. I have missed opportunities and have failed to make progress with my life.

It means life is continuing on, despite good or bad things happening. Also means time flies and life is short.

It maybe means it is out of fashion now.And we can not chase the modern era. But leave hehind of our times. So we want to experience the new life and try to adapt to it. So we want to try to realize it much sooner

The phrase LIFE IS JUST PASSING BY is an expression of lament or regret. It implies that you are not living your life to the fullest! You are merely existing. You are not enjoying life. You are not making the most of it! And yes as Frank said earlier, that you are not taking an active part in this journey of life. So, in a nutshell we must all DRINK LIFE TO ITS LEES!

I'm sorry I don't know how Frank Sidebottom looks like..lol