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1.
Derivative of "keep it gangsta". The shortened "keep it" is usually said in either a quick burst (not unlike Sagat from Street Fighter II when he yells "Tiger!"), an exaggeratedly high pitch/white voice, or a low and hushed half-serious voice to emphasize the "solemn" trust given to the other person to "keep it (gangsta)" despite all the opposition one may face.

This phrase's originated as a satirical jab at white people who try to "keep it gangsta" as well as those in the genuine thug subculture who are sincerely concerned about "keeping it gangsta".
K-Fed: "Whatcha think 'bout my new CD, yo?!! Yeeea!"

Travis: "Keep it Mr. Spears!"
by Travis MacMillan November 10, 2006
 
2.
A saying of disgust when someone offers you something. Can be said alone, or can be added in front of whatever it is your being offered.

“Yeah, that tramp offered to sleep with James, but he said ‘Keep the pussy, just keep it!’”
by Ash-Ree April 30, 2007