Hey I haven't read all the responses (not even close) b/c I don't even think its that big of a deal.
When me and my friends say it, its just joking around. Its usually our way of *complimenting* the girl; with our huge "men egos", only the HOTTEST girls get a "i'd hit it" or a "i'd tap it". Any girl less than hot / top-notch cute doesn't even get a comment. If a girl is not cute, we'd never say it around our friends -- we have standards too eh, and men subconciously "compete" with each other on who's standards is better.
Also, its a cooler way for us to say "i'd like to have sex with her" and way less crude than "i'd bang her." And in no way does "hit" imply violence -- its just a slang that has a cool edge and was adopted commonly.
my $0.02
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