Sounds like "I c (see) u (you) pee". Its also a joke used in Elementary school.
Kid: "Spell "icup".
Other kid: "What? NO!"
Another kid: "I C U P, there."
Kid and Other kid: "Ha ha ha ha ha!!"
Another kid: "So?"
Kid: "It stands for I SEE YOU PEE!"
Another kid: "Yuck!"
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