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This phrase can mean a lot, perhaps to much. In some circumstances it can be the same as 'have it' but of course 'having it' is somewhat in the present tense.

So perhaps think of 'having it' as a outburst response to having extreme fun, mostly summoned for circumstances of a sexual, drug consuming, party time!
Fucking sweet to the eye balls buddy, I'm having a great time in fact you could say I'm fucking 'Having It' !

I guess I should get my ass in gear, strike up a fattyboombatty and start fucking 'having it'

Shitballs! I heard you had a proper session last night with the local hooksta!
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lol, yeah she was fucking having it.
having it by dat-ting July 9, 2007
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Having it large with the lads 

A recreational activity at the weekend.
commonly related with pulling fit birds and drinking lots of lager.
and eating lots of pork scratchings and kebabs.
and shouting , 'you tosser!'. to coppers.
'alright my son! after i've finished shaggin this bird ill be having it large with the lads!!'

Having it right off 

To have an extraordinarily good time, most commonly involving the consumption of alcohol (after you've had a pint)
- Hey Bobby how's it going? Having a good time?
- Fuck yeah, I'm having it right off mate!
- Slick
Having it right off by Massive Q August 25, 2006

Having it Large 

The phrase 'Having It Large' can refer to many things, the most common use is when referring to something enjoyable, for example: 'I'm having it large later!' - 'I'm gonna have a good time later!'

Although a new modern musical use for the word has also recently arisen where you 'Have it Large' on a variety of instruments by making as much noise as possible but in a melodic fashion, rather than just hitting whatever you can and thus creating what may be described as a 'Racket'...
One of the instruments most widely used for having it large is a Drum Kit, mainly due to its high volume levels and variety of sounds.
Another interpretation of the phrase is to play music as loud as possible.
Student 1: We've just had a Music lesson later, we were having it large!

Student 2: Awesome!

or...

DJ: Lets turn the speakers up tonight and have it large!

Having it Down 

To 'Have something down' is to take a penil, pen or similarly sized and shaped cylindrical object and place it on the back of the middle finger with the other fingers resting ontop while said hand is rested flat on a table or other flat surface. Then the sportsman will raise the free hand above the pen. With a fast and sharp motion, the free hand is slammed down palm first on the back of the lower hand. The pen will then be snapped over the back of the middle finger. It can be relatively painful for those in the persuit of such sport.

The challenge is to break as many pens, pencils or other objects as possible in one go.
"I bet you cant 'ave that down"

"Jeez, Glynn... that's a fountain pen"

"Bugger it, I'll be having it down"

not having it 

When someone is unwilling to accept the current or proposed state of affairs. Can also be used when someone doesn't believe you're telling them the truth.
Bush thought he'd slip Harriet Miers by on a nod and a wink, but the Busheviks weren't having it.

I told my mom I wasn't the one who put a dent in the car, but she was NOT having it and pressed me to give her the whole story.
not having it by The Grammar Nazi November 5, 2005