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that's whats up good lookin out 

1. an expression of approval and thanks for a good deed, OR, 2. can be used in sarcasm to show disinterest in someone's actions or feelings
1. Miss Utility: "I'm not wearing any panties."
Tito: "That's whats up good lookin out!"
or
Danny: "I got laid off today. I need to look for a new job."
Tito: "That's whats up good lookin out?

whats up with that 

One of the funniest series of sketches Saturday Night Live have ever made.
Seriously search "Whats up with that snl" on Youtube
Kenan Thompson "Ooooh yeah, Whats up up with that, whats up with that"

Whats up with that 

Something that is non uderstandable
you see a rich guy in a toyota
"whats up with that"

That's what's up 

Meaning that you fully understand and/or agree and find yourself excited about the idea or suggestion proposed.
Friend 1: "Yeah so I'm thinking we chill before, and then hit the club by 9. Got mad beer at the crib anyway"
Friend 2: "That's what's up"
That's what's up by KelsBels April 5, 2008

That's What's Up 

To show approval of a person's achievement.
"You got accepted to Harvard? That's what's up, dude."

That's What's Up 

A way of agreeing to what the other is saying. Or if they ask you a question it can also mean that you are down to do what they're asking.
1:"Ay mayne, i got this killa, we blazinituptoday?"
2:"Shiiiit, that's what's up!"