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1.
To be "up with the put-down" is to be in the know-how; to have the latest information/gossip or to fully understand a situation.
Character 1: "What? I doooon't get iiiittt...?!?!"
Character 2: "OMFG, grrrrlllll, get up with the fxing put-down. here's how it's done..."

Scene Kids on the Street: *RAMBLE RAMBLE RAMBLE. GOSSIP GOSSIP GOSSIP. SEX SEX SEX. PARAPHANELIA, PEDOPHILIA, DRUG ABUSE*

Street Cop Strolling By: "Wow, great job staying up with the put-down, kids. Keep it up!"
by Nick Hoover June 03, 2008