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1.
1.Turning a sure win into a devastating loss, causing the Alumni and Students of Washington State University to drink heavily.
"Damn it, the football team is Cougin' It again, where is my Scotch."
by Michael Merrimon April 30, 2005
 
2.
Basically the phrase that embodies Wazzu's (Washington State) student population as a whole. Comes from their mascot: The cougar. It can mean anything from chokin during a sporting event (most likely) or can be used in a broad sense in that the Wazzu student is just being his/herself aka unintelligent ass-wipe.
"UW just beat Wazzu again for the Apple Cup. Haha, those morons are cougin it again."
by Ben Davis March 10, 2005