A term originating from early usage by eighth graders in Englewood Cliffs, NJ, carving is the act of using one's penis to make sloping motions skimming around a woman's buttocks in a slow manner. It is done similar to how a turkey is carved or how long boarders would carve down a hill.
Keith: That girl has some nice cake!
Tom: Yeah, it just sucks how so many guys have already been carving it. There's nothing left to carve by now.