Pinky is a derogatory term used to describe people who call themselves "white".
The reason for this is because white people are not white but indeed a pinkish color. In fact, more I've seen Japs whiter than "white people".
"eyo wuzzup pinky"?
"No much, just shoving a dildo up my ass"
"That man just spilled his drink on your new shoes. You should beat his pinky ass!"