A term used in the wrestling community for when something is extremely funny. Or when a person gives up in a wrestling match do to a submissions. A wrestling fan's version of "lol"
Holy shit, dude. This post about Michael Cole is so funny! I'm tapping out!
Or
Look, Daniel Bryan's got the LeBell lock on Wade Barrett. I think he's tapping out!
A term used to express that one is running an illegal business in the whole zip code. A way to flex how much coverage a person has around the area in which they are doing illegal business.