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It's the present participle of the verb "Reminisce", which is a synonym for the verb "Remember".

It is a very classy verb used by various poets and people of higher status.

It was also made famous by rapper Tupac Shakur's "Pour out a little liquor" song which made various Afro-American L.A. gangsters use it while smoking weed and drinking liquor with their bitches in the club.
Person 1 : Yo wazzup man! Watchu u doin here sHHmokin' that weed all alone?

Person 2 : Imma just reminiscing mah good old days aZ a straight out G!

Person 1 : Mind if join mah homie?

Person 2 : aiight foo!
by DannyOK December 23, 2008
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