Phelpsing it 

To choke at the end of a race. Named after a choke by Michael Phelps to lose a race at the 2012 London Olympics.

The swimmer was Phelpsing it it by slowing up at the end of the race.

Phelpsing it by Sajak July 13, 2014

Phelpsing it up 

to allow other people to take incriminating pictures of you.

i was out on the town last night phelpsing it up

Phelpsing it up by LOC27 February 2, 2009

Phelpsin' It

Specifically, to hit the bong. However, can be used as a general term to describe any type of weed smokin.

Dude is was totally phelpsin' it last night when my parents were out of town

Phelpsin' It by Stephen Strouse March 17, 2009