To use the service of Myspace or other websites to score with the ladies.
Guy: I went on Myspace last night...did some Poon Fishing.
Friend: How'd that turn out?
Guy: I caught me some hotties.
Act of going to a club or party in search of female genitalia using the art of lying as bait.
My nigga went poon fishing last night sayin he was a cardiololigist and came back with some fine snatch.