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1.
cocking out is when one is done with sexual relations for the day. Similar to clocking out from a workplace.
Girl: Let's fuck some more.

Guy: Sorry babe, i'm cocking out for the day.
από hello my name is stupid silent 13 Μάρτιος 2010
 
2.
When your hanging out and your wang comes out, and whatever you do is led with your cock.
So i was just hanging out in Barcelona on the Las Ramblas, and I was like 'fuck that i'm cocking out!"
από Ace 2 da Mace 21 Μάιος 2008