When a man has a very small penis, much like a large clitoris, thus looking like a cross between a penis and a vagina.
"Ewww, look at michael's penis, its so small it resembles a pegina!"
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The withered scrotum of one brandishing a pegina. Can also be the baggy outer labia of a womans vagina.
"check out that flapsack on the guy with the pegina."
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