The end part of the colon that connects to the anus. This is where your dick goes when you fuck some chick (or dude for those that swing that way) up the ass.
Also an insult. Calling someone an ass pipe is much worse than calling them an asshole.
As i was tappin' my bitch's ass pipe she really started to hollerin'
A person who is old before their time. Often used to describe someone who marries young and is likely to be in bed before midnight on a Saturday.
Friend 1: 'Did you say that Ryan is coming out this weekend?'
Friend 2: 'No, mate. He's at home watching Gardners' World. He's gone proper Pipe and Slippers, nowadays.'