Either a man's dick that is so small that he basically has a vagina, or a woman's clitoris that is so huge that it could be a dick.
Person one: I had sex with Suzy last night, and she fucked my ass with her pegina!
Person two: Dude, that rocks, but I had gay sex with Johnny last night and his dick was so tiny it was a pegina.
by TheCrabMaster October 23, 2015
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When a penis grows with a vagina on the tip instead of a regular pee hole.
Wow Sam! Your pegina is hott!
by heedyhutsfinger January 22, 2011
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During the act of sexual intercourse, when the penis and the vagina touch. This act forms the pegina complex ( similar to the sigma factor on RNA pol). Later, when the pegina complex seperates, it becomes known as its two seperate parts- the penis and the vagina.
Hey baby, let's you and me make a pegina!
by chummo September 24, 2006
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A.) An irreversible deformity in the genital region producing a small penile structure protruding from a vaginal cavity. These deformities have been known to grow as large as 6'4 middle linebackers.

B.) Also used to describe a magical, mythical creature. Believed to inhabit tiny old lamps, legend says when the pegina is rubbed right, a gooey substance is exploded into the rubbee providing them with three magical wishes.
"I fought through the sea of pegina to get to my next class."
by Ryan Nannee December 7, 2006
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(n) Someone who is both a dick and a pussy.
W is a total pegina.
by gaybles April 4, 2009
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when a man who trys to be a woman gets made fun of for having a penis but wanting a vagina
wow look at that tranny over there at the bar i bet he has a huge pegina
by 525 June 19, 2011
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a penis and a vagina combined coming out of the belly button
holy, that girl had a pegina!
by giannnaa March 30, 2009
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