It's american slang for "showing off". It is what you would be doing if you blazed by the fleet on the trapeze upside down (with your hands on the hull and your feet out in the air).
And then promptly falling in the water while your boat sails away? Isn't that how it works Jake? Hahaa, you'll never be able to match me catrobatics! But...you are more than welcome to try, so that at least I can laugh in your general direction. Ha! See you at Outback....
Trey
N20 873
Layline Rigging

Jake: see attachment