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1.
To slowly touch the end of another man's penis with the end of your own penis, resembling the point where fingers touch in the film E.T.
A: I'm bored, fancy a bit of ETing?
B: You're fucking sick
...
B: Actually yeah go for it, could be fun

"I remember him, we ETed in primary school ... no idea why"
by John Bitch April 05, 2009
 
2.
A greeting in a party scenario where index fingers of two participants make contact as a greeting. Refer to Elliott and E.T. In the classic film.
Et-ing it can be seen as an example with E.T and Elliott in the film.
by Spanky Dayton April 27, 2013