peengate 

noun;
1) similar to Watergate, a scandal involving the bassist from Fall Out Boy, Pete Wentz, and his half naked pictures taken by his Sidekick that were leaked onto the internet; credit goes to the livejournal community ohnotheydidnt for breaking this story
2) can also be used as a group of people: peengaters; sometimes refered to as peensters
3) sometimes regarded to as one of the best things to ever happen in internet history

"I really hope that there's a Peengate with Patrick."

"Did you see those girls? Total Peengaters."

peengate by a peenster April 3, 2006

Peengate 

On March 7, 2006 nude photos of 'Fall Out Boy' bass player Pete Wentz were leaked onto the internet. This scandal has become known as "Peengate" on various message boards.

The Peengate scandal teaches us to be very careful while taking pictures with our Sidekick devices.

Peengate by Annette H.. July 22, 2008