Green’s Dictionary of Slang

1. (US) to damage, to wreck, to harm.

1957		H. Ellison ‘We Take Care of Our Dead’ in Deadly Streets (1983) 53: The stuttering. That could really rack-up a guy.
1959		W. Hall Long and the Short and the Tall Act I: Nice bit of grass. At least it was. I suppose the kids have racked it up.
1973		A. Moore in Heller In This Corner (1974) 311: I beat him until I almost killed him [...] I was laying the wood to him and I racked him up.
1974		G.F. Newman You Flash Bastard 220: To continually be involved with some of those cases, even at Sneed’s detached level, was enough to rack you up.
1978		S. King Stand (1990) 1390: His bad leg ached abominably. Be lucky if I haven’t racked it up for good, he thought.

2. to steal.

1982

C. Castleman Getting Up: Subway Graffiti In N.Y. 46: It is a tradition among the most graffiti writers that all materials used in writing be stolen. The process of acquiring such material is called ‘racking up.’ Racking up is like any other sort of shoplifting. [Ibid.] 47: If more paint is needed during the summer, the most popular method of acquiring it is to ‘rack up in your socks,’ hiding the cans under a pair of baggy-legged trousers. [Ibid.] 48: There have also been a few cases of ‘mass racking,’ in which a large group of writers have entered a store, grabbed paint, and then run out.