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1.
A bass-like sound, that sounds like any of the following:

* the sound of a pedestrian being hit by a car
* a funky bass-line
* the repetitive sound of a heartbeat

An apparel and gift company in Cambridge, MA, called "Thoomp!" was named after the onomatopoeic "thoomp" sound.
Thoomp!'s company logo (www.thoomp.com) suggests the primary definition listed here.
by Thoomp! August 18, 2009
 
2.
a badass word used by people who are too dope for normality
Dude those shoes are thoomp
by rager97 August 02, 2011
 
3.
To insert something in an anus. Comes from the sound created.
I'm going to ram this in your ass. Thoomp.
by Eric Thomas January 27, 2009