Adjective - To be so intoxicated that you just sit there and smile without a care.
Person A: "Nick! NICK!! Come on, man! Let's go!"

Person B: "Dude... leave him alone. He is totally peaced out."

Nick: "Hee hee.... huh...."
by RedEye September 20, 2005
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1. A slang term telling someone good-bye, used with a hand gesture in which you pound your chest with your fist twice, then give the peace sign.
In Napoleon Dynamite, Kip acted cool and told Napoleon: "Peace Out".
by Disco_Bandit February 11, 2006
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v. leaving
(used like the word 'bounce')
other forms: peaced out, peace out
She peaced out mad early.

Dude, I'm bout to peace out in a few minutes.

Those kids are peacing out cuz they're lame.
by damnGIRL December 22, 2006
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A wannabee hippie saying good bye.
Dude 1: Peace out maaaaan.
Dude 2: Riiiiiiiight.
by A REAL hippie August 22, 2006
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depending on the context:
1) c ya later
2) fuck off
1) ok, gtg. peace out!
2) peace out, loser (d.)
by ppppp May 01, 2004
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1. Goodbye
2. (intransitive verb) to leave or retire
3. (transitive verb) to kill

Note: I only heard the third meaning recently, but I thought it was pretty funny so I've included it.
1. "Yeah, see you then, peace out."
2. "Yo I gotta peace out, I'm tired."
3. "I just peaced out that spider with my shoe."
by Anonymous October 20, 2003
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