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Depending on the type of luck you are refering to, i.e. good or bad, this phrase either implies a positive or negative statement. It implies that you recieved as much luck as was possible whether it be good or bad, aka you rode your luck untill it ran out, or simply just ran out of luck.

It should never be 'lucked in' as that just doesn't make any sense!
'Yeah, I lucked out with the weather today' - Foo Fighters concert held during a night that was supposed to have heavy rainfall and instead got little, or
'Nah, I lucked out with the weather today' - Was not able to play tennis due to huge rainfall.
by Jericho1980 November 28, 2011
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In the UK this has the exact opposite meaning to that in the USA.

In other words Lucked Out means you were unlucky ( a much more obvious meaning to my mind)

I guess it comes from the phrase 'Shit outta luck' which can of course be used ironcally and thus carry both meanings.
Shit! I lucked out on that promotion. I did't get it!
by Slangboy January 06, 2006
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When you manage to avoid a dangerous or unwanted situation.
I skipped school today. Good thing, too cuz them Columbine whiteboys iced all them foos this afternoon.

Yea, foo. You LUCKED OUT!
by Joshiro007 February 19, 2003
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lucked out means you ran out of luck coming from the phrase "shit out of luck" soo emily shapoww! im right and your wrong
hahahahahaha in your fase loser!
example: awww man my names emily and i just lost a bet now i owe thomas big time, i lucked out!
by vataloco15 May 02, 2010
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