A generic term to show agreement, excitement, or both - commonly used in parts of Dublin, Ireland by
teenagers & young adults who think they are 'hard' (
physically strong/mentally unfazed by acts of delinquency &
violence)
The term is strongly linked with the word 'yup' (another Dublin slang, also used to show agreement/excitement, however in a much milder form). It is for this reason that the 'out of it' part of 'yup out of it' translates to the English word 'very' (as in 'it is very agreeable, &, or exciting')