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1.
a slimy white person.

another term for white people is pink people, so pink slime is a slimy pink person, which is same as slimy white person.

someone who is disgusting and foul. someone who is sneaky and the scum of the world like lawyers and Wall St bankers and politicians. they're sneaky like snakes. you can't trust them. they'll backstab you any chance they get to benefit themselves. they'll take your girlfriend, your wife, your money, your life to get your insurance money. they are lower than scum, lower than parasites, lower than vultures, lower than cockroaches, lower than rats, and lower than snakes. when you see a pink slime, stomp on it and destroy it quickly.
"That cracker cunt eyes tried to sell me life insurance going door to door the other day. Fuckin' pink slime needs to die like Nazi Germans did to Europeans. Those Wall St bankers too for stealing public funds from taxpayers and investors and giving themselves career-high bonuses using other people's money, then betting against their own investments or their own job practices, raking in the profits from their own failures. That is called fraud. Those fuckin' pink slimes. Just like Mitt Romney hijacking other people's companies, chopping it up into pieces, selling them, and stealing pensions that are meant for those companies' employees. These pink slimes have no morals, no conscience. They are cons and con artists and US government is supporting and encouraging them."
by Mitt Romney Ham Rove October 04, 2012
 
2.
Pink Slime is just another word for describing: sizzurp, lean, drank, purple drank, etc.

It was first used in Mac Miller's song "Onaroll", and is called pink slime based off of the color of the drink, which is normally purple, but can also be pink.
I be eatin' that pink slime.
Mothafucker stir me up some pink slime for me and ma homies'
by Macadelic420 June 10, 2012