Has endless meanings. Can be used to describe any and every thing. Can be very derogatory or positive depending on the context it is used in. If you use it enough in a conversation, people will wonder if you are retarded.
Yo man, picky pang it up!
I picky panged your grandma last night.
Picky pang on a purple g strang, let my nuts hang all the way to the grain main.
I picky panged a whole 18 pack of natural light last night and now I feel like shit.