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1.
The plural of penguin (mainly used in the Leicester area). Based on ditching the usual 's' suffix and replacing it with an 'i' instead.
J: Look at all those pengui over there
B:
by CheeseyAppleMan December 01, 2009
 
2.
A male part, PENIS also known as, DICK.

Also can be used to call someone an idiot.
Ha ha ha u have a little PENGUIS.
or

Why did u do that ur such a PENGUIS.
by LUIS123456 February 10, 2008