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1.
Taking a young boy's virginity; the male equivalent of cherry popping.
My Aunt Annabelle went on a drunken banana peeling spree when she crashed my junior prom.
by G2mbstone August 01, 2008
 
2.
Pulling back the foreskin. In comparison to a banana have four skins, or foreskin.
I thought it would hurt, but banana peeling feels pretty good
by Grant Norris (GNJ) August 12, 2006
 
3.
To have made a terrible mistake, be caught off guard, or seen in the act of a crime or infidelity. It's like slipping on a peel of a banana, sudden, unexpected and often see by others other than yourself and usually it's too late to correct that mistake.
1. I thought I had that answer right but the teach caught me banana peeling.

2. I never thought I would get caught until I was banana peeling with my ex and my girl saw me.

3. I was hustlin' and was banana peeling in front of the cops and got arrested.
by P.E.A.C.E. August 29, 2008