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1) A meaningless word given meaning by it's user. There is no improper usage since the word is void of an absolute meaning. Peniscaramel can refer to, but does not necessarily mean, semen. Often referred to as a joke snack meant to be spoken quickly so the word "penis" is hidden.

2) A made up word often used to break awkward silence. When used in this way it is usually whispered.
Captain Kip: So Blyen I heard you like peniscaramel.
Blyen: I like caramel.
Captain Kip: Is it your favorite snack.
Blyen: I guess.
Captain Kip: Your favorite snack is peniscaramel hmmm?
Blyen: Son of a bitch.

(In a quiet room)
Dave (whispering): Peniscaramel
Everyone else: Wat?
by Captain Kip July 25, 2011
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