Cheap whiskey that you find in plastic bottles on the bottom shelf of the liquor store. The word itself is a portmanteau of "piss" and "whiskey", and for good reason.
I found some whiskey in plastic bottles, and didn't even take a second look, because it was obviously cheap pisskey.
When during sex you have to urinate so badly that you cannot maintain an erection.
Friend: "What happened last night man, girl told me you went limp?"
You: "Well I was pretty drunk and it happened so fast I didn't go to the bathroom when we got to my place."
Friend: "Uh oh"
You: "Yeah... I had pisskey dick real bad."