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1)When someone takes a pic or video of you in a copromising situation and publishes it to the net or media.

2)ALTERNATE MEANING: Taking a really big hit from a bong.
1) Michael Phelps got phelped when someone at the party took a pic of him hitting a bong and sold the picture to the media.

2) Yo that dude just phelped that bong!

Michael Phelped 

To take off with a quickness. To Book it. To Jet out. jettin.
To leave very quickly, vacate as fast as possible.
We swam past all the jellyfish, high.5ed the buoy 20 minutes later and Michael Phelped it back like a mermaid out of the sea! We were so scared of the jellyfish.

M.Phelp it dude, the boat is coming!
Michael Phelped by Nadiathon. August 3, 2009

Michael Phelped 

When a man is approaching climax during intercourse, he pulls out and ejaculates into the ear of his partner. In doing so he hopes to give her an ear infection. he then proceeds to let loose a huge fart in her face as to give her pink eye as well. this is meant to simulate the effects of swimming in a pool for way, way too long such as the life of michael phelps
bro 1: shit man did you hear about shelly?
bro 2: yeah I heard she got michael phelped by tom last weekend at the party.
bro 1: yeah she's been in bed sick all week.
Michael Phelped by timmyd0m33 February 3, 2009

Phelpsed 

I got so phelpsed last night when we were hitting that bong.
Phelpsed by J-Money04 February 19, 2009

Phelpsed 

Ingesting 10,000 calories
Moosh in Indy says she Phelpsed herself at the Indiana State Fair because of all the fair food she ate over 5 days.
The term applied to a skateboard being stolen. Related to the day Jake Phelps, head of Thrasher magazine, had his board stolen only to find a video of the board on youtube being skated better than he could skate it.
"I got my board stolen, and i saw the guy with it tre flipping a huge 6."
"Dude, you got phelped."
Phelped by 415and510 October 19, 2009