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Sit this one out 

Popular Brit vernacular used when you just can't face taking part in something. First used in days of yore when people sat at the sides to miss a particular dance. Now it's used to skip meetings, when you're too drunk to dance with an ugly woman, or maybe skipping out on a party you know will suck weapon's grade ass.
"Dave, are you coming to Mike's birthday tonight?"
"Sorry mate, but he's a friendless loser, and I shagged his girlfriend. I think I'll Sit this one out, if that's alright with you".
"No worries fella."
Sit this one out by Satandog March 30, 2006

WE MAKING IT OUT OF THE HOOD WITH THIS ONE 

This is a comment usually seen on TikTok or YouTube used when an uploader puts out fire music or a video that uses fire music. This is usually associated with a few/many fire, talking or explosion Emojis. Sometimes 'HOOD' is replaced with another place that holds context to the song or music video.
Example 1
Uploader: I WOKE UP IN A NEW BUGATTI!!!
Commenter: WE MAKING IT OUT OF THE HOOD WITH THIS ONE 🔥🔥🔥🗣️🗣️🗣️💥💥💥

Example 2
Uploader: I PUT MY NEW FORGIS ON THE JEEP!!!
Commenter: WE MAKING IT OUT OF HARLEM WITH THIS ONE 🔥🔥🔥🗣️🗣️🗣️💥💥💥

this one 

an affectionate way of how someone might refer to their "significant other", usually in the presence of that person and others.
"I'm a vegan...but THIS one here loves his sirloin!"
this one by Holly September 5, 2005

Thes One 

1 of 2 Mc's from People Under the Stairs. Thes One was born Chris Portugal was born in Lima, Peru in 1977. Thes' Aliases are Thes One, Uncle Thester, Supreme One, Thessoterrorist, and Lord Radio.
Thes One's Verse from The Turndown: Yo, I think this time I've found a shorty for me
We talk a lot, take walks a lot, she doesn't bore me
In fact she won't ignore me when I'm speakin music matters
She's intelligent, fly style flatters
My own style, chickens scatter when she floats through the club
Child matters,
Love, I'm thinkin,
I met her one night drinkin, I suggested a show,
She walked up and said, "I know you
You're from the P-U, T-S, I think your name is Thes too,"
Would you like a soda, I'm underage
Slipped her my number, tipped away
And said give me a page later
In typical latin lady flavor she said "maybe,
??? que si" That's how it should be
And see she played me close, next night dinner,
The champagne toast, sunset pacific coast,
And mostwhile, everything to me was like tight groovy
Always a treat, man, she took me to the movies
Made love to beats, woke up and made me pancakes
And this point I knew my shit was land or lakes
Fellas, I might be in love but something's still not right,
We didn't fight but she didn't call me last night
She got mad loot, no jobs, and plus a high renter
Cellular phone to check the Pac Bell message center,
Which she does too much, and I'm really not with it
She tells me that she loves me so I guess I'm committed
Thes One by Cool Wayne August 25, 2006

This one lit now 

When something isn't going right: defining the bad.

It's the opposite of when something is "lit"
Jake: WW3 is supposed to happen in 2021
Nick: "this one lit now"
This one lit now by laviniaa June 12, 2018

This one time at band camp

A phrase (originally came from American Pie 2) used to start off the description of any random, usually kinky or otherwise appalling sexual act. Typically somehow connected with band, but can be entirely random, also.
"This one time at band camp, I sodomized a drumstick."