Another way to say "just do it". Stems from NIKE's slogan "Just Do It". "It" is a pronoun in this case which can and will be switched out for a more specific object.
We told him to Nike it up after he told us how much homework that he was complaining about.
We told him to Nike his homework up after he was being a total B.A.D.D.
Yo, look at the b-rod
Yea, i wish i could Nike it up