"It" is referring to showing your male genitalia to a certain lady (or guy if that's what your into).
This is the common reply you give to your friend when he continues to complain whether a certain girl is into him or not.
It's the ultimate test. If the girl doesn't take bait or if she's about to charge you for harassment, proceed to walk out the door and move on.
Pete: Hey Billy, Sara gave me a wink yesterday, but sometimes she doesn't seem interested in me.
Billy: Bro, when in doubt, whip it out!
Perhaps one of the greatest Looney Tunes characters of all time. He is well known as Speedy Gonzales' cousin from the country and also as "the slowest mouse of all Mexico".
Despite only two appearances, Slowpoke Rodriguez has generated a fan following for his never ending munchies, his favorite song "Cucaracha" (about smoking Marijuana), and his ability to hide a gun in his pants despite the fact that the gun is larger.
Ted's twenty minutes late, and high
? We might as well call him Slowpoke Rodriguez.