(v.) (electronic gazumping) The act of sneakily outbidding someone on a timed internet auction. To e-gazump on e-bay, it is advised you wait until there is a mere 60 seconds left to bid (Refresh the page with the F5 button until you see the clock hit under 1 min) then place your bid. You should still have 10-20 seconds left when finished, which is usually not enough time for any other bidders to gazump you, since it is a timed auction.
Motherfucker! I got e-gazumped for a toilet seat that John Lennon used in 1978. The guy who wanted also placed a bid for the jar of Tom Cruise's snot and a SNES. I think I'll push the bidding up on those and spam his email addy.