1) A phrase uttered for a friend who is absent from the current activity, used in place of "I wish Kam was here", a dedication of the current activity to the absent friend
2) A phrase uttered immediately before climax, usually followed donkey punching one's sexual partner, or performing some other diviant sexually activity
Boyfriend: "I'm almost there baby. Oh yeah, right there, just a little......THIS ONE'S FOR KAM!"
Then the boyfriend must hold on for dear life.