Eatey petey means a man that eats box like a pro but then turn around and deny the shit. It’s the too cool for school ass niggas. It be the niggas that hate hoes.
The universal definition is "to get something done," but it can be stretched to mean "to close the deal," "to sell," etc. The opposite of procrastinating.
Person 1: I'm almost done with this report! I'm so close to cinching the peet!
Person 2: Yeah, dude, cinch the peet!