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3.
When you cannot get it up despite all efforts.
"Wow did you hear, nathan had a sleepy peepee when with that one girl?"
"Really, that sucks."
by senor pockitz August 24, 2009
 
1.
When you are so drunk you fall asleep after fornication with a partner, and forget mandatory bladder relief. While sleeping you release a raging torrent of urine onto "said" victim. Upon waking up to the smell of asparagus, you make a quick exit.
Damn Steve has perfected the 'ol sleepy peepee so well the girl thought she pissed herself.
by Kaninja May 28, 2005
 
2.
Refers to the inevitable loss of blood flow to the penis while bicycling long distances, which numbs the appendage creating the sense that your "pee-pee" is asleep.
I had some serious sleepy peepee at around mile 20 of that ride.
by LancePants September 17, 2009
 
4.
One is said to have "Sleepy Pee Pee" when an erection occurs while drowsy.
I just got home from a 12-hour shift and felt a little too comfortable in my bed. As a result, I've got sleepy pee pee. -Zzzzz...
by Wizard Toast October 03, 2010