Hoop it up means to have maximum fun in an urban environment for one or two days. In other words, spending cash, drinking bottles, pushing hot women and cars and thengoing back to being a "real" person.
How can "hoop it up" be used?
Person 1: What are you doing this weekend?
Person 2: I am going to Chicago on Friday and Saturday.
Person 1: Are you going to "hoop it up" when you are there?
Person 2: Yes, I emptied my checking account.
The term "up the hoop" is defined as the sexual act of anal penetration of a partner that is in the process of, how you say, shitting.
Dude #1: "What did you and Debra do last night?"
Dude #2: "Oh man, it was fuckin' awesome. When we got back to her place she was turtled heading so bad we decided to up the hoop."
Dude #1: "Sick!"