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1.
The act (or acts) of doing very well in ones current position.
:Used and started primarily by motorcyclists:
Refers to the act of balling up the rubber on your motorcycle tires.
"Riding Fast"
1:"Damn! Did you see him ballin' it up out there on the track today?" 2:"Wow you were ballin' it up on the dance floor the other night!" 3: Jack: "what are you doing tonight bob?" Bob: "Oh I'm just ballin' it up here at home."
by Hans Wagner November 23, 2005
 
2.
When a man does not wear any underwear or boxers under his shorts or trousers.
I forgot to put on my boxers this morning and now I'm ballin' it up.
by Marc83 November 28, 2005