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1.
To stab someone with your junk/dick
Guy 1 "Hey man, did you see John get Preeged by Will?'

Guy 2 "No, but did you see Bill preege Alice?"

Guy 3 "Ya man, that was some funny shit!"

by supafagal October 21, 2008
 
2.
To physically shank someone with your dick.
dude bill was so wasted that he Preeged tony when he wasn't looking!
by Halabaster October 21, 2008