A technique used in various Nintendo racing games, namely F-Zero GX, Mario Kart: Double Dash!!, and Mario Kart DS. The technique consists of the player performing a drift-boost several times across a flat stroke of the racetrack (whereas you would usually drive in a straight line at a constant speed,) in order to get multiple speed boosts, thus going faster. The technique is relatively difficult to pull off, especially without banging into the sides off the track or running off the road onto grass/sand, etc. The technique is frowned upon by those who cannot perform it, because of it's overuse in online races. The name "Snaking" comes from the movement of a racer sliding back and forth across the track, which looks somewhat like the way a snake slithers.
Jon: I just got my ass handed to me by a f'in snaker all over Mario Circuit!
Bac: Man, I hate those snaking bastards.