In Colombia, something very very bad or sucks or crappy. The opposite of bacano. It came into use in late '90s for the young people.
-"Parce, que peye de carro." (-"Dude, that car sucks.")
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a dude with a very big dick
also a guy so cool, that he is allowed to fuck ur mom
bro, why u slept with my mom, bro its cool, i'm a peye