1. The act of being totally and utterly destroyed by your opponent.
2. To be horribly defeated to the point that there was no purpose for your participation in the event.
Refers to the 2008 Olympics in Beijing in which swimmer Michael Phelps won eight gold medals, breaking a world record and decimating his competition so thoroughly that it required a word stronger than "own" or "pwn."
1. "All those other swimmers got Phelpsed."
2. "We won that game 50 to 0. The other team got Phelpsed!"