To thrust into someone/thing while holding your hands in the air in a "V" or in a victorious position.
AKA "VICTORY!" and/or "The Magic V"
EG.
Dude 1: Yo dawg, see that chick over there?
Dude 2: Yeah bra
Dude 1: Whilst we were having sexual intercourse I VICTORY PUMP-ed her ass!