I googled bust it out to figure out its overall definition, And it's similar to Let's see action, spoken by those who want to sound kind of radical. Examples that I've found:
The cramps by this time coming and going. Then BC says, "let's bust it out down this hill". WTF? Where did that come from? We ran down the hill like the Chariots of Fire, BC leading the way. (Let's go down the hill)
Alright, guys. We've been practicing our new song for a week
- Let's Bust it out! (Let's play the song)
Got the bow in 2000-01 from the wife as an X-mas present and shot for about 2 years (range only)...
Well, it's been sitting in my garage for close for 5+ years and I decided let's bust it out again. (Let's use it again)