Etymology: Sim Racing
1. In online sim-racing; a rare condition whereby a driver with an imperfect connection to the server, losing all upstream traffic from the server but continuing to receive race data FROM the server, proceeds to get wrecked into the wall with serious force by other driver(s) who cannot see his/her car. See also Reverse Monaco
2. Said driver may, at his or her discretion, flame and or otherwise "go off" on other drivers for supposedly "wrecking him", while blatantly ignoring the facts at hand. Such a driver may be said to be "going all E Monaco on everyone on Teamspeak".
DUDE!!! In my Texas race earlier this guy straight E Monaco'd himself something fierce, and then flipped out because he thought everybody wrecked him.