Answer:
When someone uses this acronym, you know you've got to pick up the pace
I know a word of letters three, add two and less there will be.
Inside a burning house, this thing is best to make. And best to make it quickly, before the fire's too much to take.
What gets colder as it warms up?
What is the middle of water but is not an island?
Two little holes in the side of a hill. Just as you come to the cherry-red mill.