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1.
pri·va·tize   prahy-vuh-tahyz Show IPA
verb (used with object), pri·va·tized, pri·va·tiz·ing.
1. Formal Definition:
to transfer from public or government control or ownership to private enterprise: a campaign promise to privatize some of the public lands.
2. To make exclusive or make your own; to delimit or appropriate: That guy just privatized that toilet paper.
3. Can also be used with sexual connotation (use at your discretion)
To take and make your own.
Examples:

"Hey Buddy, let's take that beer and privatize that shit." "Privatize that shit"
"I just privatized that iPad brah"

To be used with discretion: "Privatize that Ho"
by mitchdpg October 15, 2012