When a sports team loses on purpose. Usually done at the end of the season to secure a better draft pick for next year.
Guy1: Man, this team sucks.
Guy2: Yeah, but their tanking anyway to get the 1st overall draft pick next year.
by Daze80 February 02, 2007

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To do a headstand with your head in a toilet bowl. A variant of Planking.
Oh god, I went in the bathroom and John was tanking in the Urinal !!!
by Bama-lama-ding-dong October 18, 2016

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The act of drinking tea whilst masturbating (wanking).
The new guy was caught tanking in the crib room last week
by BGR3 June 26, 2016

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The action of holding two beers in one hand.
Every time I see Webb he's tanking
by Willt987 March 27, 2015

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