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Homosexual or having homosexual tendencies.

If someone is a bit 'pilshy' they are camp.
If someone is acting 'pilshy' people think they're gay.

It is often used to highlight the fact that someone is gay by being used in conjunction with another word meaning homosexual.
Ex. 1 - "Shut up you pilshy faggot!"
Ex. 2 - "That *Name*, he's a bit pilshy"
by JaySmizzle April 07, 2009
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