1) Of or reffering to a situation when the underdog wins. Similar to "Phelps'd", but referring specifically to Phelps' seventh medal, which he won by one thousandth of a second.
2) To suffer a crushing loss.
Dude 1: hahaha, u just got PWNED
Dude 2: not just pwned, he got CAVIC'D
Dude 1: Didja win?
Dude 2: Ugh, it was so close! But unfortuanately, I got Cavic'd.
Dude 1: Ooh, sorry, dude.