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1.
The act of ripping a bongload, then downing a beer bong before exhaling the smoke. A variation on a "submarine"
Dude I'm so wasted, I just busted a Down Periscope with a fatty loader of kush and 3 silver bullets.
by Bart Mancuso February 09, 2010
 
2.
A tatoo, found on the penis with the words 'Welcome Aboard'. From the movie Down Periscope.
"Wanna see my down periscope?"
by Eddy Ortega December 29, 2008
 
3.
A manner of applying the Arabian Goggles. You sneak up behind the person and lower your balls onto their eyes, while saying "Down Periscope!"
I snuck up behind Matt and gave him the good ol' Arabian Goggles, Down Periscope style.
by PTPablo October 08, 2006
 
4.
Used when two or more males are in tight living conditions. One is changing and yells down periscope when removing underwear to warn the other(s)that boxers, briefs, or other type of underwear is being removed.
Bob: Down Periscope!!!
Jim: Dude thanks for the warning me cause I was so just looking at your gay ass.
by Ihasn December 16, 2007