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2.
When, in a video game, one runs at full speed to avoid the effects of gunfire and explosives, specifically area of effect explosions.

The theory goes, that if you Master Chief It with enough skill, no one can touch you until you slow down, hesitate or stop going in a straight line.
What the fuck dude, I couldn't shoot you for shit?!

Not surprised mate, I was Master Chiefing It like a bitch
by King Ceri February 08, 2011
 
1.
Attempting to be a one man army.
"Dont you dare go Master Chiefing It." , " That retard just tried to Master Chief It."
by Future Ninja Turtle September 17, 2009