Having sex with a girl outdoors, while standing up, and lighting her hair on fire to keep the mosquitos away.
"Dude, I totally tiki torched this chick last night, but she burned out really quick." "You creep."
(V.) The act of ejaculating on a woman, then lighting the jizz on fire.
Reggie: "Yo man you have a good time at that party last night?"
Jarvis: "Fuck yea dude I Tiki Torched the shit outta' some girl so bad she's as crisp as a faggot's butthole!"