When someone needs to man up and do something, but they don't, instead they choose to 'wet out'.
Guy 1: Go over and talk to that girl
Guy 2: Nah man she's outta my league
guy 1: oh you always 'wet out' I'll have to do it
A phenomena that usually only occurs when a woman is in the hands of a competent lover. The woman, upon reaching unparalleled heights of sexual excitement, naturally produces *so* much vaginal lubrication, that the vagina becomes completely frictionless. Sadly, this leads to an unsatisfying sexual experience for all concerned.
Man, I was givin' my bitch a good one last night and then like ... what a wet out! Shiiiitt...