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1.
1) phrase meaning, "I challenge you to a streetfight," usually accompanied by the challenger assuming a fighting stance

2) phrase accepting such a challenge to a streetfight
"I'm sick of you insulting my mamma! It's go time, you punk ass bitch!"
by Da Nasty One November 19, 2004
 
2.
It's time to go, guys.... break!
It's...................GO TIME!!
by bgordon August 07, 2005