Syllable division derived from spelling — this word is not in the pronouncing dictionary, so no phonetic transcription is shown rather than a guessed one.
touch-and-go is an adjective meaning "fraught with danger". It carries one recorded sense.
fraught with danger
“dangerous waters”
“a parlous journey on stormy seas”
“a perilous voyage across the Atlantic in a small boat”
“the precarious life of an undersea diver”
“dangerous surgery followed by a touch-and-go recovery”
Definitions, synonyms and semantic relations for touch-and-go come from Princeton University’s WordNet. Commonness is measured against a corpus of everyday English. Full sources and licences.