1. An expression using the verb jack
, which means "to steal." To "jack that shit" is to "steal that thing or those things."
2. To "jack someone's shit" can also mean to punch them or beat them up.
As soon as that fool gets up and walks away from the moneybag, I'm going to jack that shit.
Man, Theo pissed me off so bad-- I'm gonna jack his shit up yo!