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1.
The act of killing or mortally wounding a male's penis.
Lorena Bobbit commited penicide when she severed her husbands penis with a kitchen knife.

"Stan, whatever you do don't piss your girlfriend off, she's crazy enough to commit penicide!"
by The Citrus Commander September 24, 2008
 
2.
A rare chemical that instantly dissolves penises.
Hey.. do you guys carry penicide?
by zsk5 October 15, 2008