Someone suffering from involuntary spasms (That guy needs help he's baconizing on the floor), having intercourse or something that is behaving erratically ie: a computer printer that's blinking and making noise but doesn't print (That stupid printer is baconizing again).
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.
"Base we've got some square groupers floating outside of Miami harbor."