When a female grasps a male phallus and taps the helmet during a sexual encounter. This act is akin to testing the functionality of a microphone during a live event.
Look chick, I want you to grab my meat rattle and give it a mike check.
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When you are testing your microphone except your friend's name is Mike. This can also be recognized as a nickname.
"Yo Mike Check, pass me a Coke!"