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The fat that surrounds one's penis. Usually more previlant in those of a larger carriage. Peter fat will also give the appearance of a 'shrinking penis'
Shelly: “How are things going with you and Billy?
Jane: “Not great. Thanks to his Peter Fat he’s down to 3 inches…”
Something of complete awesomeness, often referring to people with huge penises.
damn i bet fat peter has a huge penis.
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