The act of being belligerently wasted and/or stoned, and not stopping till blackout. Based on the swimmer Michael Phelps because he's always getting fucked up but still a champion in everyones eyes.
"Everybody at the sorority party was beyond hammered,
they were all Phelps'ed!"
"Once I get out of work, I'm getting so Phelps'ed I wont know up from down!!"
"I was so Phelps'ed last night, I don't even know how I got home."
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