Hello Hershel,
One meaning - as Mary Beth has said, to make more energy at a party or something like that. Maybe the party is boring, or the event is really boring...so, a person would say this because they are going to be "the life of the party"!
Another meaning - We would use this in making a song (music), and would want the music to be more "funky". James Brown would often say this as well as some of the "Old School" funky music makers.
Hope this helps!
Regards,
David