This
originated as a snowboarding term, meaning your
performance should be awesome or you should have a really enjoyable time because of your location, otherwise there's no point in
being there, and is now used amongst chilled people. It means to live ones' life to the fullest everyday or, originally, to rip the gnar skiing or snowboarding as best you can! To make a difference, have fun and be happy. Life is for living!
Tim (before
taking off skiing down
the mountain): See you at the bottom man, enjoy the ride!
Jake (taking off): Go huge or go home dude!
Carol: I'm stressed about exams and work and...
Eva: It's fine,
just chill out. Go huge or go home!