Hoop it up means to have maximum fun in an urban environment for one or two days. In other words, spending cash, drinking bottles, pushinghot women and cars and then going back to being a "real" person.
How can "hoop it up" be used?
Person 1: What are you doing this weekend?
Person 2: I am going to Chicago on Friday and Saturday.
Person 1: Are you going to "hoop it up" when you are there?
Person 2: Yes, I emptied my checking account.