Ok, so guffaws aside... what does this mean?
First off, temper all reactions with the fact that the opposition party always gains ground in midterms, historically speaking.
The republicans ran with no agenda. They made no promises. The entire platform was "(my race's opponent) is an Obama supporter/crony!" And "Harry Reid and the democrat senate has stopped us from getting what needs to be done, done!"
Well, now you've got both the senate and the house. It's time for you to be seen vigorously walking the walk. You need to start passing legislation that you claim is your mandate, even if you know you face a presidential veto. Yeah, that means send that obamacare repeal through for the 200th time. It means passing your pigeonholed border security legislation. Above all, it means PASSING AN ACTUAL BUDGET FOR THE FIRST TIME IN OVER EIGHT YEARS. It doesn't matter if you know Obama is going to veto it anyway - if you give the mealy mouthed excuses to the cameras, your mandate will evaporate faster than the punch at your election after-parties.
You've got two years. Two years to make Americans feel like their lives are getting better, or at least that you are doing absolutely everything in your power to make it so. You've got no time for a victory lap. You've been pushing an "America is taking on water" narrative, now it's time for you to start bailing. Because if you aren't seen as effectively improving the nation, ESPECIALLY its jobs numbers (and let's not forget that that the current unemployment rate is a bald-faced lie), then come 2016, your support will be gone and you'll be back out in the cold again.
And you need to make sure you're picking the right battles. Your social agenda did not win you this election. Don't make opposition to gay marriage and legal pot your signature issues. Don't even bring it up. The inevitability should be obvious even to the most staunch country club WASP at this point. You've been on the wrong side of history on that issue, and now it is a sword waiting for you to throw yourself upon it.
This election was quite a shellacking even by midterm standards. The pendulum is way out far to the right, for the moment. Expect it to swing back in 2016. If you aren't shitting nothing but pure, tasty, fat free frozen yogurt for the next two years, you're looking at President Hillary Clinton.