a highly ambiguous phrase that can be used much like the word "Smurf" among the smurfs, with its deriviatives taking on other parts of speech. Privy is often used to describe something that is exceedingly cool.
1. Man, did you see when that bird shat in that guys mouth? It was so privy.
2. Check out Privy McPrivyson, Privying down the privy slide.
3. If you're privy to the privy, then privy on over to the council of the priviest bunch of muthaprivers you ever privied with.
4. eB: i shall write LOL
eB: hell, even LOLZ
eB: actually, it should now be POL
eB: privy out loud