Short for penis. Type of word you might here a child saying.
He's got a peeps and she's got a 'giner.
ayon kay James L ika-08 ng Marso, 2005
refers to mens testicles.
That guy got 2 peeps, but dem aliens got 3 or 4 even!
ayon kay singleweird ika-27 ng Hulyo, 2005