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1.
(v.) When you wake up next to a giant, mute man-puppet who subsequently offers you a breakfast sandwich for no apparent reason.

Note: The breakfast sandwich likely serves as consideration for whatever the creepy man-puppet did to your anus while you were asleep
Dude, I nearly shit my pants when I woke up with the King. How the fuck did that asshole get into my room again? I also think he might have raped me this time, but I'm not pressing charges because he gave me a breakfast sandwich.
by John Hold October 08, 2004
 
2.
To have sexual intercourse upon first waking up in the morning. Originally a slogan for a popular fast food (burger) franchise, the phrase plays off the slang burger for a woman's labia, as viewed from behind, when her legs are closed.
When Fred pulled back the sheets and caught a glimpse of Alice's burger, she knew---even through her morning grogginess---that he would soon be ready to "Wake up with the King."

Jim: "You're smiling a lot for a Monday morning, Fred."
Fred: "Even a Monday is a good day when you `Wake up with the King'."
Jim: "Damn, boy! I gotta get me some of that power breakfast!"
by nullibiquitous July 10, 2006