"It means keeping it exclusive. If every nigga can say he had it, you're not exclusive"- Nicki Minaj stated this during an interview.

It can also be referred to as "step ya pussy up"

improve your skills or talents.

get something on higher level

euphemism - oral sex, giving head, blow job
technique of singing kareoke & playing the pink oboe are strikingly similar.
i.e. grab the microphone with both hands and belt out some classics.

If you ain't got your shit together, then put your best shoes on, wrap it around your good pussy, and step it up.

Used in video games during situations where one team either has been or is being utterly raped by an opposing team. This lets them know that you find their performance disappointing and that they should increase both their ability and performance. While the intent behind saying it is to encourage them to play better, this usually has the opposite effect if they are unable to do so and sometimes results in a phenomena known as the ragequit.

When a female is not perfoming up to par when compared to various expectations