A short, but extremely effective Caucasian penis. Named after the former NBA player "Pistol Pete" Maravich. A short in stature guard, who had a knack to penetrate deeply. Not to be confused with his Caucasian brethren, a Larry Bird, which is a LARGE Caucasian penis.
"Dude wasn't HUNG, but he hit every spot at the right time, like Pistol Peter"