Yes, you can also literally "beat it".
Here are a few meanings, in addition to the ones mentioned by the other users:
Beat it = To overcome a challenge/obstacle (a game, a charge/accusation)
"I was accused of speeding, but they have no evidence! I think I will beat it in court!"
"This game as really difficult. It took me all week to beat it!"
Beat (it/someone) = To attack and harm someone, to hit repeatedly.
"My neighbour is really cruel, I always see him beat his dog."
"I had my phone stolen last night. Three guys tackled me and beat me until I handed over my phone."
"My new drum set it great, but it is not very durable. If you beat it too hard it will break."
To beat (someone) = To win against someone in a competition/challenge.
"He was a good challenger in the competition, and I am happy that I beat him in the end."
"You are up against a lot of competition. Do you think you will beat them?"
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