The male genitailia, (Penis)
An insult derived from the ways of language spoken by Justin Cooper.
He looks like a cubbie that just say there all day playin with his pipsy. HABAISTON!!
Easy, no trouble, no stress, simple as can be.
Derived in Yorkshire from the kid slang: easy peasy, lemon squeezy. Ie Lemon pip (seed) - pipsicale - pipsy. Currently in use with 11\12 year olds, who claim its old coinage, at least 2 years old.
Teacher: You can now begin the test. Turn over your papers.
(A pause of vocal silence and paper rustling, followed by the sniff of the precosious kid at the front)
Precosious kid: This test is pipsy. I'll get 100 per cent.