(verb) (pronunciation: mel-oh) -- To kiss for a long period of time and fondle one's partner. Paying large sums of money to the partner may also be involved. Derived from the name of a certain ex-teacher.
Gary: Yo did you hear that teacher and student fucked?
Todd: Nah, dude, they just meloted.
Gary: Aww, sick. Well did he get to keep the money?