1. In Skimboarding, breaking the lip off a wave in a dank (way bomb) and radical way, or busting air that will make your friends faces melt.
2. Wavering between reality and a magical sub-reality, in life or on the face of a way gnar wave.
Dude! I was magilating hard on that last run bro. It was like ahhhh.
or
If you ride hard enough the groms will see you magilate and freak out.