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1.
The sexual act is based upon the 'Splashing around' Pokemon Magikarp.

Magikarping or to Magikarp a person, is for one to continue sex until the moment in which you are to ejactulate, at which moment you must pull and and flop your penis in the pool of sperm you have just released upon the partner, whilst shouting 'Magikarp-karp-karp' and like Magikarp noises

It can be seen as a legendary act if carried out and a humiliation to the victim
Magikarp-ing a girl -

Have sex until

*about to cum*

Pull out
Cum on Belly
Flop Penis into the pool of Cum
Shout like a Magikarp
by azay May 07, 2011
 
2.
The action of lying on the ground, on your belly or your side with your hands either together above your head or on your sides, then flailing as to simulate the pokemon "magikarp" using splash attack. or any fish in general.

The start of this seems to be from anime conventions and a spin-off and response to planking, as the action is usually recorded not photographed.
Is he suppose to be a fish out of water? No he is just magikarping around.
by cybertrooper July 07, 2011
 
3.
Magikarping is a technique in Grand Theft Auto V, it means to jump and then flopping mid-flight to achieve laughs or in some cases injure people who you go into.
Hey Smith, wanna go Magikarping?
by Old One September 17, 2013
 
4.
When you flop around on your partner like a Magikarp, thus entering the sex position Magikarping (WARNING: May cause you to evolve into a Gyarados and use Hydro Pump)
I was having sex with my girlfriend and started flopping around on her like a Magikarp to preform the Magikarping sex position.
by Brony/KTD December 11, 2013