1) The affirmation of a suggested act of extreme awesomeness
2)OR a reinforcement of the awesomeness that has occured in the past.
3)OR the act of giving someone something awesome.
Dude1: Let's go get drunk with these hot chicks?
Dude2: Ship it.
Dude1: Did you score with that hot chick last night?
Dude2: Consider it shipped.
Dude1: You were wasted last night.
Dude2: Yeah, that cocktail waitress shipped me seven jaeger bombs.
The act and process of getting blacked out drunk. Awesomeness required.
Dude: I got wasted last night?
Chick: No, honey, you were massively BO'd.