To bleed an extreme amount of blood. The expression likely comes from the method that farmers would slaughter their pigs. Pigs, when injured, release a bodily chemical that ends up making their meat taste bad. Because of that, farmers would stab the pig with a knife, specifically in an area that draws a lot of blood (such as the jugulars).
The expression "pig on a stick" is a term used for a female taking one man's penis in her mouth and the second in her anus or vagina. The female becomes the pig and the penises act as the spit roast.
Man Jordan, that was a great threesome we had last night with that slut from the bar. It was super cool when we made her a pig on a stick and high fived each other during it.