To fuck via skype.
In other words cybersex over a webcam medium.
Commonly used by slores and horny virgins.
Julia; Mike can you believe Meg walked in while we were fype-ing?
Mike; Yeah I know I didn't even get the chance to finish.
Julia; Is it weird that Meg wanted to join?
To type whilst masturbating (fap), usually resulting in an abundance of typos.
fap + type = fype
Passed tense: fyped
Present tense: fyping
Future tense: to fype
Person A) those beuwbs a re rlyg reat
Person B) Are you trying to fype?
To fap on Skype, usually on both sides of the Skype call.
Hot girl: Haiii <3
Bro: Sup, let's fype
Hot girl: okkkkk, lemme go in my room
Hot girl: Look at my new thonggg
Bro: fype up
Hot girl: okkkkk, let me bring my laptop in the bathroom