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1.
From Greek Mythology, it is a horse that has wings made from the blood of Medusa. The symbol of high-flying imagination. Some say he stroked the ground with his foot and caused the fountain Hippocrene to flow from Mount Helicon.
A winged horse is a pegasus.
by Red Dog August 12, 2005
 
2.
Ambiguously gay villain of the show YU-GI-OH. He created duel monsters after going to Egypt when his wife died. Out to take people's souls from their bodies in the first season, and ends up taking Grandpa's, Mokuba's, and Seto Kaiba's souls. Yugi/Yami eventually defeats him ,like always, and he begins to help out instead of hurt.
"Pegasus acts so gay towards Kaiba in the YU-GI-OH movie!"
by ChelseaUnicorn August 22, 2008
 
3.
A male mammal that receives gifts for showing its genitals to females.
Pegasus got beads for exhibiting his lower half.
by U of D September 14, 2005
 
4.
one might call another 'pegasus' when he/she's hogging the hookah, blunt, black & mild etc.

commonly used in a circle of friends, not to be confused with flamboyantly homosexual horses.
hey pegasus, you uh, wanna pass me that hose or am i gonna have to scalp you for it?
by milkautopsy October 15, 2009
 
5.
Rule L of Pegasus is we do not speak of Pegasus
What the hell is pegasus?
Broham, Rule L
by Pegasus69 November 27, 2009
 
6.
A magical flying horse. Usually found in shades of pink or purple. Used to transport people to destinations or up and down stairs. They are Irish and have a diet consisting of beer, irish whiskey, potatoes, corned beef, and cabage.

NOT TEQUILA!

They must be hydrated. All the time.
Dude, my husband's pegasus overheated!
-Did you give it tequila?
Ah damnit!
by koala0192 April 13, 2009
 
7.
The act of preventing sex; to be a cock block.
That guy is such a Pegasus!
by pegasus545465464654654 September 25, 2010