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1.
What teenage boys do after listening to hot rod sounds.
"I have a hard-on from all those hot rod sounds. Let's peanybate."
by Master of the factory January 20, 2007
 
2.
To take part in a circle-jerk.
"I came here to peanybate, like everyone else. Now pass the grease."
by stink-foot January 14, 2007