A loose slang term for Navy Corpsman (medic) who takes care of the medical needs of Marines and Sailors, known for handing out the silver bullet (a magical cure all shot in given in the buttocks). Given this name because he or she is the first person a military member goes to when there is something wrong with the genital area of the body.
You're joining the Navy to be a peckerchecker?
It's the time a military member waits in the country of Kuwait to either go home to the US or to go into Iraq, usually a period of stasis or limbo when nothing is happening.
Military guy calling forward to his unit in Iraq to let them know he's going to be a couple of days over on his leave, "Dude, I was supposed to fly out last week but the plane broke so I'm Kuwaiting till they have another one up"