Well since I dont live N a big city that dont even create they own slang, jus from radio play N videos. When I first read it then thought about it.....to me it means-handle your business. As I mean "Im gonna go 'chop it up' wit that dude". also IF it comes to a fight I think youd say "You wanna 'chop it up' right here/now?". So to me it means "Handle/Takin care of business".