To split the cost of an item (typically an expensive one) among two or more people, thus creating multiple tranches or slices, hence the "slyce" part of the word. Usually, this is done among friends, hence the "home" part.
Alan: Hey, you wanna homeslyce some dinner?
John: Sure, I can neither afford nor finish a whole pizza.
A good friend, aka a homie. This word is used when either greeting or departing from your homie. For example, "Yo homie, what's up!" Likewise, "Alright homie, I gotta dip like a potato chip." This term can also be used when asking your homie a question or making a bold statement (i.e.) "Hey homeslice, how much cheddah do I owe you?" or "Homeslice, you trying to rip me off yo?"
A good way to remember this term is to conceptualize a pizza pie. Assume every piece of pizza is a friend. You like slices of pizzas in the same respect you like your homeslices.
When you have to pee in a movie but don’t want to miss anything, and must do the following mental equation: will the amount I have to pee cause enough discomfort to diminish my attention capacity for the remainder of the movie to an extent which is greater than the amount of the movie I would miss by making a mad dash to the restroom.
I saw Satantango last night, wonderful film but by the 5th hour I had to start doing pee calculus.
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).