adj. Describes the process by which one's inside joke - often relating to an obscure movie quote, song lyric, or something of that nature - is subsequently beaten to death on an episode of "Family Guy," thus rendering any further use of the reference banal and annoying.
From the root "peter," refering to the show's main character.
Joe: "Somebody went under a dock, and there they saw- "
Kevin: Dude, shut up. That's such an old "Family Guy."
Joe (to self): Damn, petered out again...
spent, as when you've cum too many times, you have nothing left in you.
Damn, I'm petered out and am going to sleep now.