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7.
To make someone who's trying to seem important less important. Derives from the piss-boner men wake up with in the morning, it's a fake boner. If you took the piss away, there would be no boner. Do you see?

That's the original meaning, however taking the piss now means just giving someone a ribbing and in the most part not meaning to be malicious.
Original meaning:

Guy 1: "Hey guys, what do you think to my awesome new haircut?"

Guy 2: "I think you look like a fucking prick, mate...you look like a real slob".

Other guys: "Haha, Guy 2 really took the piss out of guy 1!"

Meaning as it is now:

Guy 1: "Man, I only got a 45 on my last assignment"

Guy 2: "Haha that's fucking shit!"

Guy 1: "Don't be so mean"

Guy 2: "Cheer up man, I was only taking the piss"
by L-Shizzle November 15, 2007
 
1.
Making fun of something or someone
Hey, Jim, you're fat.
No, I'm not!
Naw, you're not really fat; I was just taking the piss.
by mapleLeaf October 21, 2003
 
2.
1) to do/say something without intent

2) to do/say something for the hell of it

3) joking
Is Lola being serious or is she just taking the piss?
by Anonymous July 07, 2003
 
3.
joking around.
"hey bill, youre a fucking dick eater"
"what?"
"dont worry mate, im justt taking the piss"
by xxoo May 15, 2003
 
4.
To appear serious, but actually meaning the opposite - most of the time. Usually followed up by the 'piss taker' (the one who joked) revealing he/she was only joking.
'Hey did I ever tell you you're fucking pug ugly?'

'No you didn't and that hurt'

'I'm only taking the piss. You fucking filthy mongoloid.'
by Iwo June 13, 2007
 
5.
Making fun of someone - without hurtful intentions.
My American fiance doesn't understand "taking the piss", so she took my piss taking seriously and now I'm in the dog house! :(
by Malrak May 10, 2008
 
6.
Making fun of someone, without intending to cause serious offence. Also known as 'pulling the piss'.
Ted: You suck at life.
Jimmy: Screw you!
Ted: Relax, I was just taking the piss.
by Gwai March 22, 2006