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).

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