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Definitions by Jellyfishers unanimous.

Jelly Fishing 

when a person is sagging and their crack is visible aka plumbers crack and a friend who simply cannot resist temptation sticks their finger in the crack and wiggles it around. originates from Sponge Bob
Jerry: Fine this is what jelly fishing is...

Amanda: Did you just stick ur finger in my crack??...

Patrick: Thats what she said! OH WASSUP!