The act of spending an extended amount of time trying to figure out what just happened on LOST and trying to predict the next episode's outcome.
Janice: My goodness! Steve, it looks like you haven't gotten any sleep!
Steve: Yeah, I stayed up until 6 am phiLOSTophizing and I've come to the conclusion that there is more than one smoke monster and that this new asian guy and his hippie buddy can't be trusted!
Janice: Oh snap! You could be right! Damn it! Now I have to cancel my meeting and go phiLOSTophize about where Charles Widmore could be!