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When the time has arrived to undertake a task (often unseemly, difficult, or requiring courage), at which point there is no going back.
MacBeth screwed his courage to the sticking point and approached Duncan's sleeping form, his dagger poised for the killing blow. It was go time!
go time by SeaBat June 11, 2006
A term used to describe a female giving oral sex.
Example 1:
Male: "You know what time it is?"
Female: "Go Time?"

Example 2:
Male: "Damn, nothing is going right."
Male 2: "Yea, you need to get you some Go Time."
Go Time by Its Suspense February 25, 2008
A term used to describe a female giving oral sex.
Example 1:
Male: "You know what time it is?"
Female: "Go Time?"

Example 2:
Male: "Damn, nothing is going right."
Male 2: "Yea, you need to get you some Go Time."

Example 3:

www.itssuspense.com Track Titled "Go Time"
Go Time by Its Suspense February 24, 2008
Phrase most commonly used to describe that you are cocked, locked, and ready for action.
Dude: Hey, bro, what's going on?

Buddy: Dude, I just slammed my 7th shot of Jack Daniels and it is go time!
Go-Time by dammit janet October 21, 2004
Awesome powah that cannot be stopped.
I see by this fine BLGT clock (featuring me, Brad!) that it's GO-TIME!
Go-Time by One Ton Angel March 25, 2003

Go time for throw time 

1. A phrase yelled while throwing an object out of a moving car
2. a phrase said when an individual is about to fight. a reference to "throwing punches"
Example 1.
Passenger: dude i seriously gotta take a massive shit. lemme borrow that cup
Driver: GO TIME FOR THROW TIME!

EXAMPLE 2:
This mofugga slept wit muh girl? aw hell naw bitch. its go time for throw time