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1.
To perform any action.
Depending on the tone of voice it is said in it can mean something extremely good or something that is extremely shitty.
Example 1:

Guy : Hey man, have you been up to much?

Joe : Not much, just been chinkin' it up on CS.

Example 2:

Joe : Did you see Tony last night chinking it up at Sarah's party?

Guy : Yeah, what a cunt.
by Grandmaster Jerk-off June 28, 2006