1) To pass on a gift that you absolutley despise instead of just throwing the shit out.
2) In reference to a girls virginity. There comes a time in every girls life when shes gotta give it up. We call it giving it away.
Kogod: Shit man, just give it away.
2) Mike: I'm gonna make Sandra give it up.
Doug: You mean give it away? Yea of course you meant that.