To be beaten in the last second in a competition while leading. Named after Michael Phelps' victory over Milorad Cavic in the 2008 Summer Olympics 100m Butterfly race, with a time merely 0.01 seconds faster. Phelps had never taken the lead the entire race until right at the finish.
Mario had the lead in Mario Kart DS, but right before the finish line, Luigi was drafting Mario's cart and phelped him for the victory.
by Phelps_Is_God August 18, 2008

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Top Definition
The term applied to a skateboard being stolen. Related to the day Jake Phelps, head of Thrasher magazine, had his board stolen only to find a video of the board on youtube being skated better than he could skate it.
"I got my board stolen, and i saw the guy with it tre flipping a huge 6."
"Dude, you got phelped."
by 415and510 October 14, 2009

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1)When someone takes a pic or video of you in a copromising situation and publishes it to the net or media.

2)ALTERNATE MEANING: Taking a really big hit from a bong.
1) Michael Phelps got phelped when someone at the party took a pic of him hitting a bong and sold the picture to the media.

2) Yo that dude just phelped that bong!
by menendez a.k.a. erock-stallion February 06, 2009

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Giving your guests a bong hit so huge, they cough uncontrollably.
"After dinner, I phelped Joe's ass"

(this is the correct spelling of an entry submitted earlier today)
by Pud man March 03, 2009

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Refering To Michael Phelps.
When Someone Unexpectedly Beats You In Something That You Are Bound To Win.
-Did You See Phil Lose In The Last Seconds Of The Game?

-Yeahh Mike Came Out Of No Where And Beat Him.

-Dang, He Just Got Phelped.
by Phelps Wifee. August 16, 2008

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This word is derived from the man Michael Fred Phelps. As you all know in the 2008 Beijing olympics, this swimmer dominated the watercube in earning a remarkable eight gold medals in just eight races. His legacy will live on forever and he will go down in olympic history as one of the best swimmers and athletes to ever live. Anyway... "phelped" means getting owned. its just another word for it but it makes great sense and its great lingo to throw into your daily diet. use it often, you wont be sorry :)
1. Tom and his friends are playing cod4, and loses pretty dramatically. The other gamers, here, have the rights to say phelped.

2. if someone gets their ass kicked in a race, game, event, or real life, people around them have the oppurtunity the snap their fingers at him or her and yell "PHELPED"
by cambodia54 September 01, 2008

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To get beaten by a large margin.
Michael Phelps "phelped" his competition at the 2008 Beijing olympics

Next time we play basketball, I'll phelp you.
by Goose931 August 31, 2008

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