To be fooled. To anticipate something and being let down. Someone or something psyching you out. An event or action reaching climax and nothing happens. The origin of this comes from when your pants are around your ankles, and a prostitute begins to give head. Then just when you are about to pop, she stops and walks away. Then you start to run after her like a penguin because your pants are still around your ankles, and sadly shouting come back.
I thought the bus would stop for us, but we just got penguined. I thought I knew who the killer was, but the movie penguined me because I was wrong.