To get beaten by a large margin.
Michael Phelps "phelped" his competition at the 2008 Beijing olympics
Next time we play basketball, I'll phelp you.
To thoroughly succeed and win all events of one sport or activity, while being the best of all time. Usually includes embarassing your competitors by winning by a large margin.
A: Did you win?
B: I beat everyone there, while getting the award for best player of all time. I'm getting sponsor requests now.
A: You totally phelped that place.