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Definition

To become ill, to fall ill.

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How People Actually Use It

Basically, they don't give a rats ass about your situation or anything you just said. You're basically done for.

"Teacher: "I understand you're a new student here and did not take this class up till now, when grading your exam ill take that into consideration." Translation: "Your C+ you're about to get on this exam ain't getting curved bitch""

Source: Urban Dictionary