It derives from rap music. From “she’s a fox” to “I’d hit it” Who woulda ever thought?
I think it came from “I’d tap it”. That had a “double” meaning, but it was lost when somebody thought “hit” was just a more forceful and certain “Tap”, like “I wouldn’t just tap it, I’d hit it. But “tap” wasn’t meant to be the “touch lightly”, if you know what I mean. A better extension, better in the sense of more true to the original not that I like it better, was the attempt to use the term “I’d drill it”.
And sadly, when some people in Monday night’s 24 thread looked at a picture of Morris and Chloe and said “I’d drill it”, I immediately thought of what they wanted me to think of, not their wit (Morris was tortured using a power drill earlier in the show).