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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To thoroughly succeed and win all events of one sport or activity, while being the best of all time. Usually includes embarassing your competitors by winning by a large margin.
A: Did you win?
B: I beat everyone there, while getting the award for best player of all time. I'm getting sponsor requests now.
A: You totally phelped that place.
by DeathTray August 18, 2008
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