In computer software - it means to publish / distribute the application in its current state. Often used humurously when the software is buggy and clearly not ready to publish.

When you approve of something , a friends relationship with someone , a decision

1) The affirmation of a suggested act of extreme awesomeness
2)OR a reinforcement of the awesomeness that has occured in the past.
3)OR the act of giving someone something awesome.

exclamation made after winning a big pot. i.e. in poker.

Send it! Give it up!

What makes the phrase sometimes funny/abrasive is the implied 100% ownership of "it" (i.e., come to papa).

Often implies a diminutive order (Send it, sucka!) to immediately send/give whatever "it" is to the speaker (Dat's ALL mine; hand it over!) and it is usually said in a self-congratulatory tone (I am awesome, it is awesome, thus it is mine; ship it).

Poker usage: "Ship it" conveys a confident and impatient 100% ownership of the money in the pot. Saying "ship it" with a mediocre-but-still-winning poker hand usually gets a laugh, especially if you say "Ship it" after showing your weak hand but before you see the other person's weaker hand. It also usually gets a laugh if you say "Ship it" when the pot is tiny and uncontested... ship it, ship it all.