To beat the fuck out ov someone. The term comes from the more common use of "peace out" in the sense ov saying goodbye.
1. Stay in the corner or I will peace you out just like I did you friend.
2. Daniel boj+ Peace you out= goodbye to your face
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An impolite way of saying "peace", since it sounds like "piss".
Catholic High School kids at their church service, while during their sign of peace say, "Peace on you," instead of "Peace be with you."