According to Urban Dictionary, Toot it and Boot it can mean two things:

1. “When a boy or a girl has a one night stand. To hit it and quit it. Freaky people who usually have sex with a lot of different people.”

For example: Jay Smoove: “man bro.. hp… she fine… did you Toot It & Boot It bro?”
Baby Woota: 3rd “yup bro I had too now she pregnant and shit!!”

2. “Farting and ducking out”

For example: “Right when i’m about to get out the elevator, i’mma just toot it & boot it.”

Tomorrow’s forecast:  Thousands of people have a crisis of identity. WHICH ONE DID YG MEAN?