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Condensed form of the name 'Martin Luther King Jr' (minus "Jr." of course), an early-mid 1900's clergyman and African American Civil Rights activist. January 15 is a national holiday in the United States to commemorate King.

Most often used with 'day', MLKing is widely pronounced two ways.
"Milking" Day, or "Mulking" Day
Student 1: We've got a long weekend! Yeah!

Student 2: Why?

Student 1: Because Monday is MLKing Day!

Student 2: I love MLKing Day! No school!
MLKing by MLKingDay January 19, 2010

milking my nuts 

you get it
I'm about to milking my nuts when i get home
milking my nuts by jhwefcbew December 13, 2017

Making Out 

On the last day of the semester, people go to secret spots where no one can see them, and perform this action which is open mouth kissing, involving the tongue.

Many people do this because they won’t see their significant other in a while, so they do this to say goodbye.
Hooman 1: On the last day, I was making out with my girlfriend
Hooman 2: Where did you go?
Hooman 1: Behind storage containers
Making Out by I have actual friends December 15, 2018

making a peeps 

(vb) The act of announcing you are going to the bathroom to a group of three or more, then going to the bathroom to urinate.
Mike: Hold that thought...
Carl: No don't go making a peeps
Mike: I gotta make a peeps
Mike: *makes a peeps*

Making waters 

This is the term used for when you pull a skinny man with a bowl haircut and take him back to your home to spit on him. You may also take their virginity and let them anal you. However, this is thirsty work so must make your tired victim some lovely waters for the morning.
“Wow omg dude, look at that amazing twink over there with the bowl haircut!!! I need to take him home and make waters with him man

“We were making waters all night long”
Making waters by anonymous December 13, 2020

Making Diamonds

When you’ve been holding in a poo so long that you’ve gone from solid coal to the required pressure to make hard diamonds.
Man, ‘dem quaaludes got me backed up so good I’ll be making diamonds if that peanut butter doesn’t work soon.