Chimping is the habit of checking every photo on the camera's rear screen right after you take it. The name is usually linked to the excited "ooh, ooh" sounds, like a chimpanzee, that some photographers make when they look at their pictures.
Checking the screen now and then is useful to confirm exposure and focus. But chimping too often can make you miss important moments, because your attention is on the screen instead of on the scene.
Do you have a better definition? Share it in the comments.