Verb. To make an already strange/creepy/outrageous situation much more so. From Tarantino's Pulp Fiction. After Ving Rhames and Bruce Willis were captured at the pawn shop; the two crackers brought out a ball-gagged, leather-clad prisoner--and things got really wierd.
1. When you have your opponent on the ropes and you finally put them away for good. This final surge is known as "getting out the gimp". 2. When you are in competition, saying "get out the gimp" on a 3 count signify's to the opponent that they are in deep shit.
"Alright boys, we're up by 3. Now's the time to GET OUT THE GIMP!"