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Usually this involves taking a less expensive item (usually a car or a musical instrument) and adding lots of after market (custom) parts to make the item look or work better. Sometimes it can involve more expensive items. Many times this saying can replace retrofitting. Always involves making the item more expensive and better looking.
"I just picked up a brand new Honda Civic and I am going to Sup It Up with a twin turbo and a cold air intake!"

"I bought a Fender Stratocaster and I am going to Sup It Up with some $900 humbuckers!"
by Vulcano November 23, 2008
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2
A way of greeting. A different way of saying "sup".
by RIDIcul0us December 12, 2009
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