rl - Real Life
peen - Penis
As opposed to e-peen which stands for; internet penis, or ego.
e.g. - Where one might brag about their huge e-peen due to an impressive score on any of the variety of online games. Another could argue that their rl-peen is actually big enough to utilize on a female, without being laughed at, as an excuse for their unfavorable score (as they would dedicate more of their time scoring with chicks in the real world, than in a game).
Girl 1: OMG I just felt Stai's cock while we were dancing!!
Girl 2: Like, his rl-peen??
Girl 3: More like rl-schlock!!
Girl 1: Wait, you've felt his schlock too?!?!!??
Girl 3: *Blushes* Oh honey, I've done more than just feel those JNS guys schlocks..
Girl 1: You fucking snizz!!
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