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comes from mmorpgs, where you would have a healer in your party and a person with high defense. (i.e. meat sack-o-shield warriors). the warrior rush an opponent and the monk would do their best to keep the warrior alive with healing and stat bonuses. then, the other members could
a)fight and hit hard
b)run away like scared little girls

so, in essence, it is a big distraction to open opportunites for attack or to run away, like a sacrifice but to keepp it alive.
Chaos Deity had the best plan to win by tanking the enemy patrol and having his team run away.
tanking by Chaos Deity October 6, 2005
A team that performs bad on purpose. Usually (if major sports team) play bad to get better picks in the draft.
The 2017-18 Memphis Grizzlies are tanking.
In reference to Magic: The Gathering gameplay. tanking is the act of "going into the tank" coming from 'think tank'. a player "in the tank" is considering their next line of play.
My magic online opponent has been tanking for several minutes now. I'm not sure what he could come out with to save him.
tanking by cheezburgler October 25, 2010
In dotA, using your hero to absorb enemy damage.

Effective when pushing, a tanker can absorb large amounts of damage while the rest of the team can focus on killing the enemy heroes.
Pudge: Look at the lvl 1 fv tanking those creeps. What a nub.
Faceless Void: stfu fattie, b0w dwn! 11! one!

later...

Faceless Void: 1 HoT and 2 Butterflies. I'm a tank.
Pudge: I'm so damn fat.
tanking by jschmidty89 January 20, 2008
Something robust that is travelling very fast and carrying a lot of momentum, rendering it largely unstoppable and on the edge of potential catastrophe.

Something that you wouldn't want to stand in the way of.
• The bus was tanking down the hill, had to jump out the way!
• He was absolutely tanking it (with disregard to others).
Tanking by Chªrly October 1, 2012
The process by which a person expels excrement into the toilet tank, instead of the bowl, resulting in a disgusting surprise when one flushes.
I'm tanking in Mr. Dookie's toilet!
Tanking by Boner and Asshole May 24, 2009