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1.
A lovely combination of "peace out" and "take it easy" for all those too lazy or too busy to say both. Double the meaning, half the time.
A: Errights, man. I gotta bounce to class ultra quick-style.
B: Eh, no prob. Peace easy.
by Julie September 17, 2004
 
2.
means stay cool or have a nice day
........... well love ya tons peace easy babe
by BLIZZIE June 11, 2006