How do you deal with OOC knowledge?

I've been thinking about this when my brain has time to wander lately. How do you, as a player, deal with ooc knowledge while rping your character? For instance, *YOU* know blank about whoever. But your character doesn't, which means *YOU* know that walking into a certain situation with that same whatever would mean bad things for your character. Do you walk in anyway and let it play out? Do you think of ways your character might be able to get out of the situation icly? I haven't been in that situation (i rarely use ooc or xooc and I've never used it to discuss the game). I just don't have that kind of information. But, i think its a crazy dilemma. Anybody have stories they can post without giving away ic info where they knew the consequences of their actions oocly but had an amazing experience anyway because they took the plunge?