Ready and willing to participate in most any activity. If said by your homie it implies that he is ready to have a good time in any situation. If said by or about a ho it implies that she is a chickenhead.
Billy: I'm down for whatever.
Timmy: Church! I'll call up that bitch Sadie, she's down for whatever.
Billy: Well then Holla at me after you hit that shit.
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