The act of being unequivocally awesome. It generally involves showing people what's up
, making people feel like morons for being wrong, and defeating terrorists. It is indeed an action worthy of the highest honor.
It refers to an older sayings "Kick ass first, take names later," or "Shoot first, ask questions later." Generally, it is frowned upon enacting such awesomeness without "asking questions" first. However, when used in this context, that much is forgiven.
Those Navy SEALS sure are good at kicking ass and taking names.