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A pset is a vulgar slang word referring to MIT's weekly problem sets. As the atomic bomb is to dynamite, a pset is to homework at other "normal" colleges.
"Jesus motherfucking christ my 8.022 problem set took me 12 hours to finish!!!"
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MIT's verb for doing a problem set, or set of homework problems that are by far the most difficult in the world. MIT is hard, so they made up a verb for doing homework. Wow. All courses at MIT are also referred to as numbers.
Krishna walks into BC Lounge 554;
"Hey, are you guys Psetting for 18.06?"
-- "No I just finished the 14.01 Pset"
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