A way to say you are really high (on drugs, usually used for marijuana but can also refer to ecstacy, shrooms or cocaine)
A: Yo, what are you doing?
B: I'm 30,000 feet
A: Already? Damn, its not even dinnertime yet!
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To jerk off in the airplanes bathroom, specifically mid flight.
Guy 1: I just did the 30,000 Feet wank
Guy 2: Who are you? Why are you telling me this?