Basically the phrase that embodies Wazzu's (Washington State) student population as a whole. Comes from their mascot: The cougar. It can mean anything from chokin during a sporting event (most likely) or can be used in a broad sense in that the Wazzu student is just being his/herself aka unintelligent ass-wipe.
"UW just beat Wazzu again for the Apple Cup. Haha, those morons are cougin it again."
The uncanny ability of the Washington State University football to team to, despite all odds, lose football games at the last possible moment in a spectacular display of giving the football to the other team.
Snatching defeat from the jaws of victory. Blowing a lead. Losing a game when you have already defined the win.
The Washington State cougars were kicking ass until the fourth quarter when they fumbled three times instead of running out the clock. They Sucked so bad they were Couging it.