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To ejaculate in a public area. The name of the term comes from Slippy the Toad, a character from the video game series Star Fox.
Kevin: *ejaculates in pants*

Mike: “What the fuck, man! You just pulled a slippy!”

Kevin: “Oh...oops....”
Slippy by Ben Dover-Slowley December 9, 2018
Climbing on slippy rock can cost you your life
slippy by wolfbait51 April 20, 2011
The freezing rain caused the roads to be slippy.
Slippy by YinzerInPgh January 30, 2009
Noun.

1. The female equivalent of a 'boner.' When the vagina is wet and ready to have sex. (to have a) slippy.
Ex: "Man, I'm so hot for you right now, I have a huge slippy right now- stick it in me!
slippy by alissafoo December 5, 2009
Anthropomorphic frog and worst Starfox pilot. Demands help in getting out of anything from shaking off Andrew (the worst Star Wolf pilot) to shaking off two pathetic drones that could easily be destroyed by a somersault followed by a single charged laser blast. Offers completely useless advice in Star Fox Adventures.
"Hey! What's the big ide- Hey! What's the- Hey! Wh- I'm monkey food if I don't leave!" -Slippy's words in the first two seconds of the Star Wolf battle as I target him (?) for annihilation
Slippy by Syckls July 2, 2005
watch out, the step is slippy
slippy by B July 14, 2003