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Comes from "peace-in out" and "dippin out". It a way to say goodbye to somebody or letting them know that you are leaving. Refers to prematurely finishing sex before climaxing. Just used in a new, hip sort of way.
"Ayo johnny im pullin' out man"
"Aight bro take it easy"
by CMonz August 28, 2011
Leaving early, or before expected.
Guy 1: Yo dawg we going to the bar?

Guy 2: Hellz yeah, but I gotta be pullin out all nasty brosef, I gotta work at 8.
by Taco Magnifico July 23, 2009