precipice

\PRES-uh-pis\, noun:
1. A very steep, perpendicular, or overhanging place; a cliff.
2. The brink of a hazardous situation.

"I dance with disaster," exclaimed Toby with his trademark lisp. "I prance upon precipices!"
Me and the men stood proudly upon the precipice of the candycane volcano, until a giant glob of minty molten lava squirted out and scalded us all!
There was something that James loved about being on the precipice of danger; this is why he constantly pleasured himself in his cublicle, despite the fact that he shared the space with 3 others.