1) An expression of satisfaction, especially when you've accomplished something big. Equivalent to "That's what I'm talking about!!".
2) One way of catcalling.
Hot chick walks by, and you yell "Grind the
meat!!!".
3) What Mr. Trump did to Grandma
Hillary's beef curtains.
4) Essentially anything else you might deem appropriate. There is actually no
wrong incorrectto use this phrase.