“Let her rip” is an expression we use when we are apprehensive about the outcome of a new venture but determined to see what happens.
Its origin is the tombstone inscription R.I.P for “rest in peace,” and the phrase came into use as a pun for embarking on a new and unknown adventure.
Because to the religious people who coined it, although whatever comes after death isn’t a certainty, we have no choice but to just do it.