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I'm pickin' up what you're puttin' down! 

Used to say "I understand", but in a slightly more ghetto way.
White Friend- Do you understand?

You- I'm pickin' up what you're puttin' down!

pickin-em up, and puttin-em down 

I saw Joel at the track meet. He was pickin-em up, and puttin-em down"

picking up a cupcake

When a pedophile goes to a kid's irl location to rape them
EDP445: I'm picking up a cupcake.

*Free Candy van drives by*
Guy: I think that pedo's picking up a cupcake.

picking up what you're putting down 

Understanding what the person is saying. Reaching an agreement.
"Do you understand?"
"Yes"
"Are you picking up what I'm puttting down"

Picking Up Scraps 

The art of taking credit for an accomplishment that you had absolutely nothing to do with.

Alternatively, acheiving a goal only after someone has done most or all of the work for you.
Bob: Damn, that project was rough. But I think I really pulled it off.

Jeff: Yeah..you pulled it off alright. (smiles wickedly)

Boss: Why Jeff, what an excellent job you did on that project, we should talk about your promotion.

Bob: (face turning 10 shades of red, he begins to hop up and down) But..but..no...he's PICKING UP SCRAPS!

Boss: Bob, perhaps you would benefit from some..counseling..

i'm picking up what you're putting down

Telling someone you understand what they are talking about.
George: After you wash the car you need to feed the dog and take out the cat.

Bill: Ok George, I'm picking up what you're putting down!