Feminist discourse question, sort of

There's this phrase "check your privilege", which I see in a lot of feminist discourse. I can't tell exactly what it means. There are three obvious possible meanings it could have:

• "Check", as in "check the weather". Be aware of your privilege.
• "Check", as in "hold something in check". Restrain your privilege.
• "Check", as in "check your bags". Leave behind your privilege.

These three possible meanings are all basically equally appropriate in the same contexts, which means you can't actually use context to distinguish which meaning is actually intended. And since it's a bit of a catchphrase, its specific meaning isn't usually explained in detail. ...This is kind of awesome, actually, as a linguistic phenomenon (three very different meanings of the same word, indistinguishable in context!), and the discourse function of the phrase is the same in any case, but it leaves me wondering even if people using the phrase all have the same specific meaning in mind for it.

There's an interestingly bizarre semantics/pragmatics interaction for you.

EDIT: There's a post on Language Log about another case where two different words with the same pronunciation and different meanings nonetheless lead to the same meaning for the full sentence—in this case, its and it's.