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Cool!

Does "tarzanka" refer to the bungee cord or the activity itself?

So, to clarify:

"bungee jumping" - to talk about it as a noun
"to bungee jump" - кататься на тарзанке(verb form)...

I did a Google image search and it came up with a bunch of pictures of people bungee jumping, so that's most likely what it is.