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1.
Derogatory slang for 'PC', which is an abbreviation for 'Personal Computer'

It mainly refers to IBM-compatible x86 systems, often running Microsoft Windows.

The term is believed to be mostly used among Macintosh users.
Me: I guess I have to get Virtual PeeCee to run this damn thing
My Peecee friend: Stop saying 'PeeCee' or I won't give you any beer
by gschjetne June 26, 2005
 
2.
Short for penis creases - the pair of visible ridges of flesh that skinny surfer types sometimes have on their lower abdomen, tapering down towards their groin.

A nice pair of peecees tend to get girls thinking about penises and going a bit weak at the knees.
Girl 1: "Did you see that dude with his board shorts low and no shirt on?"
Girl 2: "Oh yeah, he had sexy peecees!"
Both girls: *sigh*
by Heath Raftery September 03, 2007
 
3.
A stupid Windowz computer
My peecee crashed because windowz sucks.
by Bill Gates August 31, 2003