This is a variant of the verb phrase 'pussy out'. It means to back down from a commitment out of cowardice.
by peter allen webb August 17, 2004
v. something you do when you talk all that smack but when it comes down to it you finally realize you were to scared to do it in the first place
by BIG 60 July 13, 2004
v. when someone bails out of plans or refuses to participate for no other obvious reason than that they have no balls and/or are a pussy
by key126 December 29, 2005
by uncle rere April 02, 2013