This meaning refers to swallowing rapidly, often without chewing or pausing.
He gulped the water after the race.
Do not gulp your food.
This figurative meaning describes swallowing or breathing suddenly in response to strong emotion.
He gulped when he saw the bill.
She gulped nervously before speaking.
As a noun, gulp refers to a large amount swallowed at one time.
She took a gulp of coffee.
He finished the drink in three gulps.