Comping means two things.
- DAW users and engineers usually mean composing a track of the best takes from several tracks.
- Musicians—especially jazz musicians—mean playing a non-lead part. In this case it is short for accompanying. You might tell a session player, "I need you to comp the verses."
My favorite meaning of "comping" is getting free stuff. When someone comps you, they give you complimentary admission or free food.