The process of a costumed superhero/supervillian getting his/her ass whooped. This expression can be used regardless of whether or not the costume consists of a cape.
In Melee, and to a lesser extent Brawl, when Mario swings the cape around to either:
A. Deflect a fully charged Samus ball
B. Deflect a Fox/Falco after theit up+b recovery rocket
C. Basically anytime the cape is used for tactical advantage