Make up has a few meanings. The meaning there would go with "for the last time." would be "becoming equal" or "repaying". If things went wrong, this time the speaker plans to have an extra good time. If the other person payed for something last time, this time the speaker will pay. If last time someone cooked, this time it will be the speaker. If the speaker lost a game last time, this time the speaker plans to win. In the end, this time all will be equalized.

"make up for the last time". "make up " hints that some one have done something wrong or have done something that no met the person's requirement,now,the person realized what he have done,so she or he decided to take action to remedy .

make up. is what two lovers would do after an arguement. So make up for the last time ,, if they had one more aguement. this would be the end..