the portion of your boxers where your chode will peek out, either intentionally or unintentionally. commonly found with a button or zipper. sleepovers are a common breeding ground for peeholes.
"Wow, dude. Peehole open. What do you know? Did you guys see?"
And dying in yo' bed many years from now, would ya be willing ta trade all da days from dis here day ta dat fo' one chance, just one chance, ta come back here as young men an' tell our enemies dat dey may take our lives but dey will never take our freedom ... YUB NUB!