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1.
Squeezing the outside of the peel right under your nose and inhaling deeply causing citrus mist to enter your nasal cavity, clearing your sinuses and getting you peeled
Dude, I'm so peeled right now

I was peelin earlier and now I have a nosebleed

I was peelin so hard yesterday, I didn't even go to class
by Trilliethan Lavnandes January 02, 2010
 
2.
One of those "X-treme" terms for when something is really good.
That band was peelin
or
That jump was totally peelin
by AB January 04, 2005