A composite of "pik" (dick) and "slips" (tie - as you would wear with a suit), so basically a "dick tie". It refers to the hair growing from the penis to the navel (and beyond) on men, and on some unfortunate women.
The lips of one who enjoys the activity of picking, squeezing, scraping, popping, feeling, playing with, and eating the yellowish-white fluid secreting from pimples
Maggie: *freaks out* EW!
Kristen: SHE HAS PUSSLIPS!
Maggie: *throws up and wishes for sweet death*