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1.
To uncontrollably drink and smoke marijuana, with no regard to consequences
Hey man Mike better stop doing the phelps, he has work tomorrow morning.
by HtotheOV February 02, 2009
 
2.
An intense reaction to victory or success, characterized by a flexing of the entire body and delivery of a primordial scream.

Roughly equivalent to:
"I trained my whole life for this moment and all my dreams are coming true" or
"No one will smash us!"

Inspiration: Micheal Phelps at the 2008 Olympics after beating the French in the 4x100m relay
Tom just rocked that econ exam!!! He then walked out of the building and did the phelps!!
by bigswimkid April 11, 2009