"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 1, 2005
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A term used widely by South Africans to exclaim dismay at another road user or offensive person also threatening with violence to follow. Originated from the action of slamming your hands on a car’s hood (bonnet) to get the attention of the driver.
If you continue moving forward and hit my bike, I'll tap your bonnet.
by BigPapaJaco November 14, 2010
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