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1.
To want sexual intercourse with another. Usually used on a first meet.
person a: ah man, that girl is fit!
person b: oh yeah, buff, I'd belay that.
person a: mmm, she'd get belay anyday.
av ~ club penguin m8 ~ 17 juli 2012
 
2.
Pulling the rope for a climber. Side effects include an extremely sore neck from looking up all the time and being really fucking bored.
Oh, he's belaying.
 
3.
(verb)
a) To touch oneself, to touch another, or to be touched by another, in the inappropriate sense of the word.
b) To get off.
a) He's hot, I'd like to belay him.
b) Man, it's been 4 days since I last belayed!
av dbiz 23 april 2007