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Tanking is the act of going as fast as you can.

The meaning comes from riding mopeds, which are typicaly a slow form of transport. To get them to go faster, a rider can reduce their profile and improve their aerodynamics by laying flat on the fuel tank; "tanking it".
"You got here quickly, didn't you?"

"Yeah, I was tanking it all the way"
tanking by anonymous_cunt November 11, 2011
Used to describe someone who gets at fat girls.
Is Reese tanking that tank?
tanking by Le Boots February 24, 2008
When a sports team loses on purpose. Usually done at the end of the season to secure a better draft pick for next year.
Guy1: Man, this team sucks.
Guy2: Yeah, but their tanking anyway to get the 1st overall draft pick next year.
tanking by Daze80 February 7, 2007
Filling yourself with liquids e.g water to boost bodies weight for a short period of time.
often used by people with eating disorders to avoid accusations of weight loss
Tanking would be to take 'a shower' and drink the water before being weighed
Tanking by Faith,Emily and Pippa December 28, 2005
Doing so poorly as to be in the toilet
Boy, my team is really tanking today!
tanking by Janet Pinter January 20, 2008
(Australia)
This refers to a player in a computer game that is gaining excess hitpoints and armour, thereby being more difficult to eliminate by his/her enemies
I don't want to fight with my character yet. I would be tanking my hero instead
tanking by Hungynguyen January 24, 2008