I'm turning 40 next month, have always lived in the UK, and don't recall ever hearing this phrase in my life. I can kind of guess its meaning but would need to Google it to be sure. Wiktionary says it's often used when waking people up from bed, similar to "rise and shine" - now this phrase I have heard many times, it's quite familiar to me, but "up and at 'em" is not, so don't be surprised if most native speakers look confused when you say this to them.