1) A word of complete randomness shouted as if to endanger public safety. Ex. Instead of 'FIRE' shout 'PICKLE WEASEL'
2) When one is confused, pickle weasel is a term used as substitution for an answer to a question given by a teacher, instructor or professor.
1)*randomly shouts* PICKLE WEASEL
2) Mr. Hohlt: Jenna, what is the answer to number two?
Jenna: Uhh..uhh..uh..*drool* PICKLE WEASEL *slobber*