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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.
 
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!"
av Ace 2 da Mace 21 maj 2008