Prince Phishing is the act of turning the tables on a nigerian prince. This often includes enticing nigerian princes on websites such as craigslist.org and then playing along with their scam only to later exact revenge upon them. This is often played for sport.
There are several ways to go prince phishing: for instance, if you were to list a laptop on craigslist.org for sale, and you receive a nigerian prince email asking you to send the laptop in exchange for payment over the internet, you would act like you believe him completely and then proceed to mail the prince a picture of your penis inside of a box with a declared customs value of thousands of dollars. When the prince goes to pick the package up from customs, thinking he has bested you, he will pay up to hundreds of dollars of his own money to pick up his winnings, only to then receive the box and realize he has paid hundreds for a picture of your penis.