1. To party hard. Used to describe a situation that requires the utmost celebration.
2. To be very drunk.
1. Pauly: Tomorrow's the last day of summer break, we're going to have to go all out.
Jimbo: You'll have to go all out with your balls out.
2. Pauly: Ben was so drunk last night.
Jimbo: He went all out with his balls out, that's forsure.