a generic word that can be ambiguous in all situations. it can be used to describe a feeling, place, object, action, etc... it is whatever you want it to be.
you can use it to break the ice or whatever else you want it to do.
Greg: I really like this girl but I don't know what to say to her...
Stacy: Just say "pe". It works every time.
Piss Enema: Anal sex with the express intent of urinating into the recipients rectum.
Man, he filled my colon up with all his hot piss during that PE he gave me & now must hold it for as long as possible before expelling it, but my sphincter is straining under the pressure; am leaking piss, here.
Kid 1: Hey, do you know what PE stands for?
Kid 2: Yeah, it stands for Pointless Exercise!
Kid 1: I thought it stands for Physical Education..
Kid 2: Well your wrong!