whip it out = take it out very fast It is informal "I think I've checked my phone out about 100 times at school before, like I just whip it out in the middle in the class." "I think I've checked my phone out about 100 times at school before, like I just take it out in the middle of class." Example He whipped out a gun. Did he really whip it out? Yes it was very scary. If the 'it' is not clear, the phrase will be interpreted as vulgar. For example: "The man whipped it out on the subway." At least in america, the 'it' would be assumed to be male anatomy.

It means she very quickly and casually take her phone out of her pocket or purse so that she can use it.

It means to jerk something out [of some place]. Source: http://idioms.thefreedictionary.com/whip+out