When someone, usually a younger member of the group, speaks or acts above what he is meant to act like, if there is a hierarchy
"Pass me a fag, you dick"
"Shut up, you chippy cunt"
When you're wearing loose boxers and your penis slides out to the side, next to your thigh.
"Hey man, you finished with the shower? Don't worry, I've got my boxers on"
"Oh Damn. Someone's got a peeker."