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1.
1. A slang term telling someone good-bye, used with a hand gesture in which you pound your chest with your fist twice, then give the peace sign.
In Napoleon Dynamite, Kip acted cool and told Napoleon: "Peace Out".
by Disco_Bandit February 11, 2006
 
2.
depending on the context:
1) c ya later
2) fuck off
1) ok, gtg. peace out!
2) peace out, loser (d.)
by ppppp May 01, 2004
 
3.
A wannabee hippie saying good bye.
Dude 1: Peace out maaaaan.
Dude 2: Riiiiiiiight.
by A REAL hippie August 22, 2006
 
4.
1. Goodbye
2. (intransitive verb) to leave or retire
3. (transitive verb) to kill

Note: I only heard the third meaning recently, but I thought it was pretty funny so I've included it.
1. "Yeah, see you then, peace out."
2. "Yo I gotta peace out, I'm tired."
3. "I just peaced out that spider with my shoe."
by Anonymous October 20, 2003
 
5.
A very informal goodbye greeting; 'see you later'. Sometimes used in an ironic fashion for goodbyes that should be more serious, i.e. the recipient dying, being killed, defeated, or left behind.
Peace out, Holmes. Catch you on the flipside.
by Jeema November 09, 2005
 
6.
A common misspelling of "peace out." People who are too lazy to hit the space bar use it. Everyone who uses "peaceout" should just peace out.
Loser: i g2g, peaceout Bill.

Me(Bill): Peace out, you fuker! It's peace out!
by Bill Will Bill June 23, 2006
 
7.
Term used to encourage military members to become conscienous objectors "peace" and get "out" of the military. Started during the Viet Nam War by "Peaceniks" and hippies. Turned into a term for saying goodbye, used primarily within ethnic groups. Has been receiving renew popularity because of the U.S.s involvement in yet another unpopular war.
Peace Out, Brother! or Dude!
by Rick Hale August 11, 2006