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1.
It's about to happen, something is about to jumpoff; it's happening right now
Celly Cell "It's goin down tonight"

Q: Hey, has the party started?
A: It's goin down right now

That bitch just stepped on my foot, oh hell naw, it's about to go down!
Por that dozen 30 de abril de 2005
 
2.
Getting readi to fight or readi to fight sumone
meet me in tha mall its goin down. or...
Yo its goin down with bob && joe tomorrow afta skool.
Por CHERiSE 12 de mayo de 2006
 
3.
Homosexual innuendo implying a male threesome which includes oral compilation and anal penetration, simultaneously.

Also see. Lucky Pierre

Popularized by the music artist Yung Joc's song, "It's going down."
(Three males walk mall's public restroom)
male 1: "Is it goin down"
(Male 2 looks around the corner to see if anyone is around)
male 2: "It's goin down"
male 3: "Last time I did this I got the clap. You guys free?"
male 1: "Yeah bro I wear a condom."
male 2: "Do I look like I have something?"
male 3: "Nah, you look good."
Por Scattel2z 08 de agosto de 2006