One can
  • be psyched
  • get psyched
  • be or get psyched up
These states are all sort of similar, implying a state of positive excitement and mental readiness. If you are psyched, psyched up, psyched on, or psyched about something, you are probably happily anticipating that thing and mentally prepared for it to occur. One rarely is psyched about something that happened in the past, unless it has a future component that one can look forward to -- e.g., one could be psyched about a test already taken, but for which the grades have not been given out yet.

On the other hand, being psyched out is somewhat different. If one is psyched out, one likely intimidated and uneasy. Like being psyched, one isn't usually psyched out about something that has already happened; being psyched out usually involves worry about a future outcome. In competitions, such as sports or debate, sometimes competitors employ the tactic of trying to psyche out their opponents -- make them afraid of making a mistake, which can actually make mistakes more likely.