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3.
To get your ass kicked. To get fucked up and then set up on the proverbial rack to dry out. To really bank someone hard, so they recognize.
"Damn foo, you 'bout to get racked up!"

"Wooooweee, his punk-ass got racked the fuck up!"
by FramesBlonde May 26, 2005
 
1.
You got alot of CASH; a.k.a " racks on racks ".
1: Yo he's shining w/ all them jewels on!
2: Plus he got that Benz! and those chicks!
1: Damn, he definately Racked Up . He got all the hoes !
by B.logik July 02, 2012
 
2.
when taking cocaine.
"Bro i totally racked up last night."
by Levintage April 11, 2009