The word stands for when a african amercian male or female smacks the face of a Jew with pork and then makes them dance.
"Yo you got slaped in the face by my pork, now dance jew, your gonna get icrophiliophiac'd!"
"Omg a jew, honey you bring the pork?"
"Yes I did go hold him down so I can unload pork on his forhead!"
Jew:Oh no i'm being microphiliophiac,AHHHH!