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1.
Jail, Prison

Ebonic slang for Jail, Prison
'I was locked up for 400 holidays - Was in the peazy when I heard 'Eazy had died from AIDS' - Saigon in 'War' Remix with Nas
by L Chen June 25, 2007
 
2.
Street slang for Pill
"Yeah son lets go pop a Peazy"
by Phenomentality March 17, 2010
 
3.
Weak; not particularly cool; particularly uncool.
Damn son, that shit's peazy! or That's a big bucket of Pepto-Peazmol!
by connick March 04, 2003
 
4.
An abbreviation of "peace be upon you". This can be used as a goodbye or in the most sinister case, to let somebody know you're waging open war on them.
"That's cool, peazy!"
That's fine, peace be upon you!
by Guy Foreign December 14, 2003