Все думаю, это у меня воображение разыгралось или нет...
{instead of}: Все думаю, это у меня воображение разыгравшееся или нет...
This is part of an IM I received from my girlfriend, and I think it essentially means:
Still wondering if it wasn't just my imagination playing tricks on me. Or...
The thing is that I'd expected to see "разыгравшееся" used instead, at least more in keeping with the structure of the English phrasing. In which case, I could see the function of "это" as the subject: "it's my imagination having played tricks on me".
In the sentence she used, on the other hand, I'm not sure how to parse and interpret the function of "это", as the subject is apparently "воображение". A relevant post: What is the function of "это" in "Его зовут X, это он впустил ..."?