Taking a lap 

Going for a walk around the bar/club in an attempt to situate yourself, check out points of interests, and scope out where all the attractive people are.

Examples:

Yo dude, wanna grab a beer and take a lap? I saw this really hot girl in a tight dress in the corner by the mini bar when we walked in.

Yo man, where's George at?
I don't know dude. I think he went to do a lap with Scott.

After taking a lap, Mike was able to tell Ashley where the bathrooms and mini bars were.

Taking a lap by bar terminology November 25, 2011

Taking A Victory Lap 

Taking 5 years to finish a 4 year degree. The 5th year counts as your victory lap.

Taking extra time to finish something.

I had 6 more credits before I could graduate, so I had to take a victory lap.

Everyone else finished at 4 o'clock, but I was taking a victory lap and finished at 6.

Taking A Victory Lap by Stats Class January 25, 2010