Can be used as an adjective either to describe small horses having sexual intercourse, or something that seems cute but you find disturbing.
"- Hey look, these two ponies are getting laid !
- Gross !! Dude, you know I hate pr0ney !"
"- Hey Barry, see how my kitty licks itself. He's SOOOO cute when he does that !
- Mhhh, that's kinda pr0ney though..."