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Being the female counterpart-word to the term "jacking off", "flicking off" is a form of masturbation for women. It involves stimulation of the clitoris via one of several means.
Example 1:
Bernie: Get out of the bathroom, I have to take a liquid shit.
Allison: Fuck off, I'm flicking off.

Example 2:
Ronald: Oh, do you still flick the bean sometimes?
Lauren: Yeah, I still flick off sometimes.

Example 3:
Trevor: What's that fucking noise Nina? It sounds like something is being flicked.
Nina: Well, you really hit the bean on the stalk; I am flicking off.
Trevor: What's that?
by Hitler, Oprah May 11, 2014