look up any word, like cunt:
 
1.
To jerk off
Billy is rubbing one out
by cron June 22, 2003
 
2.
to kill (i.e. to smoke, bump off, whack, ice).
by The Thinker June 21, 2003
 
3.
Rub out means crap or rubbish, generally to describe something that is of poor quality
HAHAHA! your hair cut is rub out
by connor11234 February 16, 2009