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It's a pump up phrase. Can be used in any situation in which tensions are high and excitement is built, like before an insane banger, or a huge sports game.
The 'T' in 'let's' is usually silent.
Guy 1: DUDE THE PARTY IS IN AN HOUR! THERE'S GONNA BE SOOO MUCH BOOZE!
Guy 2: LET'S GOOOOOO!

Guy 1: Come on we can win this game! COME ON 30 SECONDS LEFT!
Guy 2: LET'S GOOOOO!
by A.B. Whitestaff June 11, 2010
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