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1.
Term used for a gay male's asshole in connection with it being like a vagina during gay sex. Combination of the terms "ass and pussy."
"I fucked my boyfriend's passy last night, and he queefed!"
"You are wearin' my passy out, boy!"
by CertifiedQueer September 13, 2011
 
2.
To be lame and not participate for lack of a good reason.

It is derived from the combination of "passing for pussy ass reasons".

See :lame weak weaksauce uncool loser pussy pathetic
Example 1:

A - "Hey wanna go out to the bar tonight and get drunk?"
B - "Naw imma passy, i was gonna sign up for a gym membership"
A - "At 10:00 pm on a friday? Lame..."
by b00n k1n June 12, 2008
 
3.
Slang for a vaginal fistula. When the chode rips on a girl and she just has one huge hole.
I hit it for so long I gave her a passy.
by Andrew Draper May 07, 2006