"playing with the bishop's nephew" is the act of masturbating while taking a shit in public. in modern usage the term also covers the act of masturbating while shitting in private, however the public aspect of the activity is of no small importance.
derek: "hey ronny, what's happening?"
ronny: "ah nothin', just hangin' at the crib."
derek: "well, you wouldn't believe what happened to me today- so i was up at colombus circle waiting for the bus, just playing with the bishop's nephew, and next thing you know this bitch starts flippin' out."
ronny: "what'd you do then?"
derek: "i told the bitch to chill the fuck out, i'm just playing with the bishop's nephew."
ronny: "sounds reasonable enough."
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