Basically means take that dick. Best used when during rough sex if the receiver is being a whiny bitch. This phrase was used as a double entendre in Drake's "Best I Ever Had" video. In the video, he is coaching a women's basketball team. In the huddle he says to them, "Now when you're out there, and they put that D on you, TAKE THAT D! Take that D like the champions you are." obviously referring to defense, but we all knew damn well what the underlying message was.
A famous line from the Netflix serie “Outer Banks” where one of the characters, JJ, tries to convince his friend, John B, that Kie, a girl who hangs out with them, is into him.