1.) a verbal salute used as a greeting or at departure
2.) a word used in celebration
popularized by Larry Wachs, the Jew of THE REGULAR GUYS, a popular radio show in Atlanta,Ga. The word originates from a call by an inebriated listener refered to as "Stoner Mike" a self proclaimed wordsmith/catch-phrase creator. The word was stored to the Regular Guys soundbyte library and is played at various times throughout the show, as well as a remixed version at the end of the show.
Hey Guys, peteetong, F-U Steve
Peteetong to you sir.