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a shortened version of rating something, usually the looks of a girl. It started from somebody asking "what would you rate that girl, 1-10". ppl then shortened it to i rate it, meaning i would take the time to rate that because she is hot enough to catch someones attention. If somebody walks by unoticed because she is not hot, she does not deserve to be rated, so nobody would "rate it"

Therefore: I rate it is a way to let somebody know that a particular girl is hot
* A Hot Girl Walks By *
man 1: I rate it
man 2: yeah i agree shes damn sexy
by MgattiTheHotti September 15, 2009
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When you like something enough to rate it but you can't be bothered rating it out of something,
Coach: Hey great goal, I Rate It Charles
by Shomar=lebanon August 08, 2018
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See the thumbs in the top right hand side of this page. Click one of them and you will have done an 'i rate it'.
Bob 'Check out the cans on the chick over there Jack'.

Jack 'Yeah Bob alrigh, I rate it'. and gives Bob the thumbs up as he replies.
by CutUpRough November 05, 2010
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