Meaning check this out, or "obvserve something about which I am excited and/or proud," "Pimp this!" is a phrase used by many midwesterners in an attempt to sound like gang members.
For example:
Hey dude, pimp this new book that I just checked out from the library.Or...
Yo! Pimp this! (Holds up Fossil brand wrist-watch recently purchased at the nearest mall).