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1.
The act of Bang On It has many different meanings, and depends mostly on the context of which being used. Much like many four letter word, Bang on It is interchangeable and always metamorphosing.
In Celebration of a great job, instead "High Five", throw your fist out for a fist bump, and say " Bang on It.

A attractive female walks by, you look at your friend, tilt your glasses down and say "Bang on it."

Your working against the clock to launch a sortie, you complete the job. Your colleagues look at you in gratitude and offer a firm "Bang on it"
by Loaf_of_Bread May 06, 2010
 
2.
Getting BANG on it, or going to a bar/club/pub, and getting heavily involved in some hardcore drinking.
Oi fella, you coming over the pub?
Yeah mate, lets go get Bang on it!!!!
by Bexleywall July 13, 2007
 
3.
Always on Cocaine
Oi john, Joanne's bang on it
John Replies: Yes she is!
by yeh the man July 24, 2008