A "Jelf" is just a magical elf with no nipples. Made famous a few years back during maths.
Dave: Did u see that elf with no nipples?
Stan: It was just Noel, the Jelf
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The act of selling items for under their market price.
Friend: Just sold my chunky dunkys size 8 for 600. Easy Profits.
Friend 2: BRO STOP JELFING
Also known as "first man". In any sporting event or petty competition involving elimination, "first jelfs" can be shouted by the first person eliminated and apparently they are magically allowed back in the game. Utter bullshit.
*playing drinking games*
All: "AHHH!! Richard you lost you shithouse! Get that shot down ya lad"
Richard: "Nah first jelfs".
*No shot consumed*
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