Means to go smack, or flirt at a very beautiful person who is also called bait.
Hence, "save" them from the rest of the people trying to go smack at them.
Used as a reference to when a wingman comes through and helps out his friend in a dire situation.
Fuck man, the maid of honor kept cock blocking my boy Tony and he couldn't even get near the Bachelorette, until his wingmanShawn came through and hopped on that grenade. What a save.