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1.
To spend exorbitant amounts of money. Usually with the confines of a one rediculously drunken evening. Often accompanied by sluts, assorted bling, and no regard for any type of human reason.
Yo, we ballin out tonight or what?
von billy bo 15. September 2006
 
2.
Doing your thing no matter what one thinks/says.

Speaking your mind, even if it's not PC
Wearing a baseball cap to a black-tie gala event.

"Damn nigga, you see that dude, totally ballin out!"

"Did you just day Obama has B.O.? Dayum!"
von BiTheCollaborator 13. Juni 2009