To "whip something out" means to pull it out of something quickly. We usually use this phrase to talk about pulling something out of a pocket or bag.

He whipped out a business card and handed it to me.

One point to be careful of with this phrase: it's sometimes associated with a man pulling his penis out of his pants. So listeners might laugh a little bit if you say "He whipped it out" without saying exactly what "it" was.