It may be helpful to pronounce "Mike" "helps", but drop the H in "helps".
Michael Phelps is an American swimmer who holds the record for most gold medals won at a single Olympics event (8), most career Olympic gold medals (14), and who also holds seven world records in swimming. Michael Phelps is a great athlete, there is no doubt, and this article is not directed towards him.
Michaelps is, however, is a phenomenon that first caught global interest also during the 2008 Beijing Olympics. Over that same summer groups like "Michael Phelps is a swimming GOD!", "You only see Michael Phelps' mother on TV because his father is Poseidon" and "When Michael Phelps jumps in the water he doesn't get wet, water gets Phelps" began to appear on Facebook. Michaelps is an oddity that is rumoured to live a double life as a mermaid.
Used frequently in: a certain Canadian high school, as well as the Protagonize contribution "That Vampire Story".