First coming strongly on the scene in the 1970's meaning bullshit, unbelievable, etc. but has since evolved into a totally different meaning.
The more modernized form is used to refer to the action of fingering a girl or guy (inserting your fingers into your own or another's vagina/ass as a form of pleasure; having another's fingers inserted into your vagina/ass as a form of pleasure).
Jive is often considered a less vulgar alternative to the term "fingering".
My boyfriend jived me for hours last night, it felt amazing, he has such strong hands.