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1.
Verb; to make something, ie. the world, less screwed up.

See comedian Katie Goodman's song, I Didn't Fuck It Up.
Come on Democrats and Republicans! Let's all unfuckitup!
by An Unfucker May 20, 2011
 
2.
The opposite of fucked it up, to fix ones fuck up.
Obama's administration hired the people that helped fucked up Wall Street, in hopes they could "un-fuck it up".
by Want2scream November 13, 2009