Pronounced like the chinese dish Peking duck, the Peeking Chicken occurs when the male genitalia, or penis, flops out of one's pants, i.e., through the fly or other such aperture. Such occurences can result in either embarassing or comedic effects.
Male 1: Um... Excuse me, sir, but... It has come to my attention that your manhood is clearly and obtrusively visible, as it is protruding from your trousers.
Male 2: Oh dear! (hastily tucks weiner back into pants) The scourge of Peeking Chicken has struck once more...