I was teaching a "medical signing" class the other day and we were watching a video where my friend, Robert Foust, was talking about his "heart attack." As part of his story he indicated that he drove himself to the hospital and that the ride was a "hair raising" experience for his wife (who doesn't drive but of course wanted to go with him to the hospital).
The sign is an obvious use of the 4-handshape (CL:4) to represent a person's hair "standing on end."
I personally don't experience this phenomenon any more (heh).
HAIR-RAISING: "To have a hair raising experience."
Here is another version you might see:
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