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1.
When someone is so fucked up, they head in one direction with a goal in mind but half-way there, forget that goal and wander off in a random direction with or without another goal in mind. Term comes from goldfish in an aquarium acting the same way due to their seconds-long memory.
He was so fucked up on mushrooms, he spent the whole night goldfishing around his apartment and never made it out to meet us.

We wasted a few hours goldfishing around camp before we even realized that we missed the burn.
by DJJD2000 August 09, 2009
 
2.
When a man masturbates, ejaculates skyward, and then attempts to catch his own airborne gob of semen in his mouth. This act is known as goldfishing for the manner in which a goldfish patiently awaits his feeding while swimming vertically, mouth ajar. Men who goldfish tend to be unpleasant, lonely, and simple human beings.
Man 1: Look at that hipster asshole slumped over drinking alone in the corner.

Man 2: Yeah, he definitely spends hours goldfishing.
by fishspotter January 16, 2012
 
3.
Used when you're forgetting something or have forgotten something. In reference to goldfishes' short/nonexistent memory.
Michael Jackson is dead, seriously? Oh...sorry, goldfishing.
by KousukeShou January 24, 2011