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Although brought up in the Matrix Movie, as one who won't wake up from reality, the blue pill on the streets has come to mean just that. The blue pill is a painkiller, usually oxy/roxycodeine pills that keep you in your world of illusion, taking the pain away from the realities of life. It's codeine, tar, powder, hard - anything that keeps your mind at bay.
John Doe: Let's kick it, it's a blast party!
Jane Doe: Sure lol, you want the red or blue baby?
John Doe: Haha .. always the blue pill

Roxy: I need to function, can't take this depression no more
Xany: I thought you always came through?
Roxy: Yeah but it's getting worse, like if I don't get more my bones are gonna break through my skin
Xany: well you can count on me to bring you down
Roxy: I sure can, maybe after my next shakes (found blue pills)
Blue Pill by backtothered September 3, 2011
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Blue Klux Klan

A derogatory synonym for the police force. Origins: References made by antiracist music artists such as Immortal Technique and Dobermann Cult which allude to racialized police brutality by referencing officers' blue uniforms combined with the name Ku Klux Klan, which has become an analog for racist institutions.
You hear about Eric Garner? Yea, it's Mike Brown all over again: lynched by the Blue Klux Klan.
Blue Klux Klan by zuchinno December 17, 2014

blue chip 

Shaq was a blue chip in his days at LSU.
blue chip by kurupt2164 June 27, 2008

Blue Magic 

Maybe the greatest non-Thom Bell or Gamble-Huff produced Philly Soul Act of the 1970s, led by the sweeet songwriting wizard Ted Mills. A lot better for you than the stuff described in other definitions
Toy: I'll trade you my copy of the O'Jays Survival LP for your copy of Thirteen Blue Magic Lane.
Me: Have you been banging some blue magic or something?
Blue Magic by seoul freq July 3, 2009

blue moon 

Ice cream flavor often compared to fruit loops. Color of ice cream is, of course, blue.
I set out to pick up a pint of chocolate ice cream, but returned with a quart of blue moon.
blue moon by dave the sconnie March 9, 2007

Blue Waffle 

nasty, diseased vagina. Its blue/green in color and full of pus. Caused by being a complete whore.
Brenda Moser has a blue waffle.
Thats just nasty.
Blue Waffle by donttouchthat May 21, 2011

Blue eyes 

Boys with blue eyes are generally the most awesome type of boy with the most beautiful eye color. Another very common feature of blue eyes is a large penis that goes with it. These boys are also very good in bed. In general, if you're a girl look for a boy with blue eyes
John has blue eyes so therefore he is very good in bed and has a large penis.
Blue eyes by Blueeyedwonder November 20, 2013