peter out 

1) To lose intensity or dwindle in strength.
2) An exposed penis (peter).

Matt: "I bet I can streak through downtown with my peter out for two hours without getting arrested."
Frank: "I doubt it. After running for a half hour or so, you'll probably peter out and then the cops will catch you."

peter out by Nicholas D March 9, 2009

peter out 

The act of dropping out of a plan or leaving a party.

James: "Sorry guys, I have to head home."
Bob: "Don't peter out on us James!"
James: "Sorry man."

peter out by Mitsuda August 10, 2007

Put Peter Out to Pasture 

Impotence; when even boner pills won't help.

Dagnabbit, time to put peter out to pasture. Lord take me now.

Put Peter Out to Pasture by SHLA July 24, 2012