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1.
In current usage, any disastrous situation. The balls referred to are NOT testicles. The term dates from the days of wooden sailing ships when the existence of a shipboard disaster, such as plague, lack of food or water, mutiny, etc. was communicated to the outside world by hoisting large-ish, brightly painted wooden balls up into the rigging. Balls of different colors represented different disasters and therefore served as either requests for assistance or warnings to stay clear.
Ed: What a complete Balls Up!
Ted: You said it.
by Paul Dellechiaie January 01, 2008
 
2.
A complete disaster.
Less profane form of 'fuck up'.
Sam threw a party for Jessica, but without beer it was an utter balls up.
by FBM July 17, 2003
 
3.
To gain courage; to "be a man"; to get some balls
Dude 1: Man... I can't ask her if she swallows...
Dude 2: Come on, Balls up!
by drock2342523 December 11, 2006
 
4.
#1) A word created by the famous Australian John G. used to celebrate a happy memorable moment.

#2) Can be used for a toast followed by a clink of beer bottles.

#3) Can also be used to describe anything with *AWESOMENESS*.

#4) A great way to express happiness after a touchdown in football or a goal in soccer.

#5) A term used to celebrate a victory. Similar to yelling "BLACK JACK!" or "BINGO!"
"Ninjas = BALLS UP!!"

"Go Lakers... BALLS UP!!" (followed by a clink of beer bottles)

"I just made a sale... BALLS UP!!"
by Ask DK Live February 01, 2009