Busy Philipps and Michelle Williams let us share in one of their BFF bonding sessions when Williams appeared as a guest on Philipps’ talk show, Busy Tonight, on Thursday, February 7. During their chat — which was just as sweet and fun as we’ve always imagined that hanging out with them would be — they reminisced about the early days of their friendship on Dawson’s Creek, recalling one time when they thought they might die.

Philipps began by reminding Williams of their initial meeting, saying, “I met you the first night I was there. I remember that I had been prepped that we were going to love each other and so it felt very high stakes.” Thankfully, the prediction turned out to be true and they “ended up immediately loving each other.”

Naturally, they have a lot of fun stories from filming. But they also have one kind of scary story, which Philipps described as an “I Know What You Did Last Summer moment except no one died.”

“You had a jet ski and [Dawson’s Creek costar] Kerr Smith had a jet ski,” she said. “And I’m just going to apologize in advance if Kerr sees this because we’ve never come clean about this, ever.”

Williams picked up the story from there, saying, “We had this really clumsy move. There was this boat coming our way, but nowhere near us. And to get out of the boat’s way, we decided to drive into each other.”

It was not pretty. “Michelle gashed open her leg and I gashed open my hand,” Philipps continued. “It was also the summer of the shark, where everyone was getting attacked by sharks. So, all I could think of was, ‘Get back on the jet skis, we’re going to die, the sharks are coming.'”

They made it out of the water just fine, but Kerr’s jet ski wasn’t so lucky. “Kerr came to work and he said his jet ski sank. And he was like, ‘Did something happen to my jet ski?'” Philipps recalled. “And Michelle was like, ‘Nope, we don’t know.'”

Do you have a ride or die BFF? Tag them @BritandCo!

(photo via Jordin Althaus/E! Entertainment)