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A term used to describe an incident in which one has been screwed over, injured, robbed, or generally anything negative. Originates from the gym, where a "derack" is when someone removes your weights from the bar while one is still performing the exercise.
Example 1:
Bob: What happened during 9/11?
Carl: Oh nothing, just Al-Qaeda deracked New York City in a solidly executed derack.
Bob: How many lives were deracked?
Carl: 2,996 lives were deracked, to be exact.

Example 2:
George: What's wrong with your cousin's leg?
Sukhbinder: Oh, it got deracked by an IED in Iraq.
George: Oh.

Example 3:

Horatio: What happened to that jewelry store?
Jose: $300,000 worth of jewelry was deracked by a bunch of Colombians, who pawned it off for some premium coke.
by khuneytunes July 15, 2014
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