Phrase used to suggest a determined burst of action, similar to "Getting on with it" but with far more *gusto*.
In Maths Class:
person 1: OMG I'm sooo bored of division!
person 2: Okay, jeez, I know its long and hard but I'm just Wacking it out and I'll be done with it in a second. Don't be a fucking welp.
person 1: I guess you're right. Then we can use our free time to masturbate
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.