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1.
To become unconscious.
That guy had me in a choke hold and I almosed peaced out.
by Gin&Sin August 18, 2005
 
2.
Adjective - To be so intoxicated that you just sit there and smile without a care.
Person A: "Nick! NICK!! Come on, man! Let's go!"

Person B: "Dude... leave him alone. He is totally peaced out."

Nick: "Hee hee.... huh...."
by RedEye September 20, 2005