The act of receiving a blumpkin while under water either in a pool or the ocean.
Friend 1: Hey man, did you hear about that slut who gave me a blumpkin last year?
Friend 2: Yea, thats nothin! Some gnarly bitch gave me a punta cana pipecleaner in the pool last night!
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).