As you already found out, there are a couple of more meanings for "take out". Apart from the two meanings already explained above by John, I would add a couple more that I can think off the top of my head, and don't be surprised if there's one or two more, hahaha.
"take out a loan" - receive money from an institution like a bank, that you have to pay back in monthly installments
"take out a license" - obtain some kind of permission from an authority, like a real estate license
"take out an enemy" - to kill someone, in this example I used "an enemy", but it can be any person
"take out a bridge" as in "the missile took out the bridge" - to destroy something
"takeout" (usually written as one word, with no space) - refers to food you order in a restaurant, but that you don't eat in the restaurant
There is another expression that comes to mind right now, which is "Don't take it out on me!" This expression is used, for example, in this situation: Person A is angry because he was treated unfairly by his or her boss. So he/she starts shouting or acting angrily - unfairly - towards their partner. So the partner would say "I know your boss treated you unfairly, but don't take it out on me!" meaning "don't vent your anger at me, because I didn't do anything wrong to you"