A term that describes older skanks who have been worn "loose" and have "sunk" to the point where they are no longer attractive. From the term "Loose lips, sink ships"
AnnWilson, from Heart, is a prime example of a sunken ship.
An endearing term for a very close friend. It phonetically is similar to "piece of shit". You know your best friends are the worst people in the world which is why you love them so much.