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it's goin down like china town 

-a phrase often used to emphasize the meaning that something is about it happen.

-when you wanna ryhme with 'it's goin' down'
girl: we have to go to the party at becca's this friday

boy: oh hell yea, bro. it's goin down like china town
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boyfriend: babe, am i seeing you in your birthday suit tonight?

girlfriend: oh baby, you know it's goin down like china town

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boy 1: it's on like donkey kong ?

boy 2: it's goin' down like china town

it's goin down 

It's about to happen, something is about to jumpoff; it's happening right now
Celly Cell "It's goin down tonight"

Q: Hey, has the party started?
A: It's goin down right now

That bitch just stepped on my foot, oh hell naw, it's about to go down!
it's goin down by that dozen April 30, 2005

It's goin 

The answer to "how's it goin?"
-How's it goin?
-It's goin man, it's goin.
It's goin by captain CTM January 27, 2010

Like It's Goin' Out Of Business 

A popular spinoff phrase from "Like It's Going Out Of Style". Less Queer and more punk.
"Damn! I gotta Blow my nose like it's goin out of business"
or

"Shit man I gotta (any phrase really) Like it's going out of business

it's goin down 

Homosexual innuendo implying a male threesome which includes oral compilation and anal penetration, simultaneously.

Also see. Lucky Pierre

Popularized by the music artist Yung Joc's song, "It's going down."
(Three males walk mall's public restroom)
male 1: "Is it goin down"
(Male 2 looks around the corner to see if anyone is around)
male 2: "It's goin down"
male 3: "Last time I did this I got the clap. You guys free?"
male 1: "Yeah bro I wear a condom."
male 2: "Do I look like I have something?"
male 3: "Nah, you look good."
it's goin down by Scattel2z August 9, 2006

its going to be a real gas

its going to be a real gas meaning its going to be a lot of fun
hey dude lets play chicken with a semi truck driver

man playing chicken ith a semi truck driver its going to be a real gas