To get rid of or do away with someone or something after an undesirable event happens.
"I am going to drop the axe on Rich, Paul"
"Why?"
"He stole my ATM card and tried to sleep with my girl"
"They are going to drop the axe on Amanda because she calls in sick all of the time."
The act of defecating.
I had to leave class early to run home and drop an axe.
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