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"I'll Tap That" is used to mean "that's cool, I can do that". It is NOT a reference to any dirty act. It can also be used in a negative since, "I'm not tapping that" to mean "No way, I'm not doing that."
"I'm just not tapping that waterslide."

"Food? Sure, I'll Tap That."
by peppermintblood September 01, 2005