When a card can be Tapped-Out for Crowd Points, that simply means you rotate the card and use that many Crowd Points immediately. You do not gain Crowd Points physically from either the General Pool or Event Pool. When a card is Tapped-Out, it stays that way until reset at the start of the next Event.
For example, let’s say our active wrestler, The Great Gazpacho, has both Custom Tights and Mask Attire equipped. We’ll say he is a Super Hero Grappler with General Sam Rage as his Manager. His strongest Move in play is his Piledriver, a Signature Grapple Move.
Sadly, Great Gaz is short on Crowd Points and he’s about 4 points away from defeating Deacon Beacon. In order to obtain a victory, he Taps-Out his Mask. Since he’s a Super Hero, he’s able to use that resource as 2 Crowd Points, not just 1. He uses those Crowd Points to trigger The Machine Grappler ability and begins Piledriving Deacon Beacon over and over again, closing the gap and putting himself into victory territory.
In response, another player sees Ralph Winslow is the referee and drops a Steel Chair into the match on behalf of Deacon Beacon. They were hoping to get the match to end in DQ in order to deny Gaz any rewards or opportunities to advance, but Gaz decides to Tap-Out his Custom Tights in order to gain another Crowd Point. This time, he triggers Same Rage’s ability to stop a Weapon played in his match. Since the Weapon was stopped, it gives Deacon Beacon no benefit and prevents the DQ roll from happening. The Great Gazpacho secures his victory!
Those two Attire stay Tapped-Out until the start of the next Event. They could not be used again during this Event. Keep in mind though, you can Tap-Out cards for Crowd Points at any time, not just during your turn or during a match.
Another time you might Tap-Out a card is for an Injury. Injuries don’t always resolve at the start of the next Event.