Question about oiwai

Hello. I was looking for the meaning of お祝い/祝い and in dictionaries it reads that its used to as celebrate and congratulate, and I'm kinda confused about it... how do you know when it's translated as one or the other? I guess it depends on the contexts, or is it that in japanese is the same meaning?

But, e.g., if someone says "祝え" as a command, joking between friends if it's their birthday, are they telling "congratulate me" or something like "let's celebrate"?

Also, what it says here? "ところで君取り返しするほどのものはもちろん準備してる？"

What I understand is someone asking if they're preparing something because they know there's no mending for what they did, but I'm not sure at all...

Thank you in advance.

If a close friend said "iwae" 祝え to you jokingly, that means "congratulate me (on my birthday)," meaning "treat me (to some good food)" or "buy me a present" in a joking way.
If he meant "let's celebrate," then he would say "iwaou." 祝おう

I cannot figure out the sentence you have. Any context?

I see... thank you!

And about the other sentence, someone says they're going to do something for their friend's birthday (お祝いしてあげる), though they did something that hurt them before, so the other speaker, says
"ところで君取り返しするほどのものはもちろん準備してる？"

so as I said, What I understand is someone asking if they're preparing something because they know there's no mending for what they did but I don't really know...

Oh I see. In that case, I interpret that sentence to mean "by the way, I assume that you of course prepared something that is good enough to mend (your relationship with that friend)?"

ところで　君　取り返しするほどのものは　もちろん　準備してる？
"torikaeshi suru hodo no mono" = something (good) enough to mend/make it up

Ah! Got it!

Thank you so much to both of you! :)