1. To be in an incriminating photograph. 2. To be photographed doing something that may jeopardize one's career, or one's professional or personal relationships.
Ex 1: "Awesome party last night man, but I need to get those pics. I really pulled a Phelps with that two-way they were passing around"
Ex 2: "Dude, Have you seen the Facebook pics from that party? Wesley totally pulled a Phelps with Jeremy's ROOR"
Ex 3: Michael Phelps is an expert at "Pulling a Phelps", as noted in many news articles in late 2008, early 2009, where he was photographed at a party with a bong in-hand.