Looting

From TibiaWiki

Looting means taking the Loot from a monster you have killed.
To do this you open the creature's dead body you "Use" on the creature's body. (Hold [Ctrl] and left-click the body (Tibia Default controls).

After Summer Update 2006 only one person who did the most damage, or people in the same Party as the person who did the most damage, can loot monster for a period of 10 seconds.

This can also mean stealing the Loot from a monster another player killed. Watch out for people throwing identical corpses on the body you just slayed (by test moving the body you can check if it's yours or not, since "your" body won't move within 10 seconds).