to steal someone else's goods, take a five-finger discount, or otherwise rob someone of their possessions.
If you don't pay back the money you owe, I'm going to jack your shit!
To be beaten severely about the head, face, body etc. i.e. "Jack up" from
being jacked up combined with shit box
"I will Jack Up Your Shit Box!"
"Tony landed one punch on that guy and really "jacked up his shit box"
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