To have made a terrible mistake, be caught off guard, or seen in the act of a crime or infidelity. It's like slipping on a peel of a banana, sudden, unexpected and often see by others other than yourself and usually it's too late to correct that mistake.
1. I thought I had that answer right but the teach caught me banana peeling.
2. I never thought I would get caught until I was banana peeling with my ex and my girl saw me.
3. I was hustlin' and was banana peeling in front of the cops and got arrested.
This term refers to a male doing the deed, and he does the first 90% of the action with a condom on, but removes it for the final 10% of the action. This includes finishing inside of them.
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.