During the act of any form of intercourse, one mate puts his hand inside his own anus, pulls out feces, and yells, "Peanut Butter Pirate!" and slaps the feces into the other mate's eye.
by Steve Kane May 8, 2004
A derivation of the peanut butter pirate in which the first mate pillages the anus of the second mate for the booty bounty rather than his own. Requires extrordinarly skill as the element of surprise is lost (usually) and the potential 'pirate' is aware that something is amiss.
I tried to pull off the peanut butter pirate plunder last night with my girl, but she guessed what I was doing and covered both of her eyes... I had to settle for giving her a dirty sanches.
by David Sabo October 3, 2006