As first used in Dr Dre's The Chronic, it can mean whatever you want as it makes no sense what so ever. It is a statement that can describe any known man or woman. It can be both positive and negative, sometimes even at the same time.
What do you think of this new one piece, disco ball, boiler suit I've got on?
Man, you'se a penguin lookin motherfucker.
1. Insult for a person wearing a business suit
or tuxedo (because a penguin's black and white colouring vaguely resembles a person in a suit).
2. Insult for a Linux user
(because the mascot of Linux
1. Yo penguin lookin motherfucker think you better dan us boyz frum da 'hood?
2. Damn those penguin lookin motherfuckers and their Evolution mail client! Why can't they use Outlook like normal people?