To tease mercilessly or in such a way no one would believe you or to treat someone badly in order to get what you want.
1. (British & Australian very informal) to make a joke about someone or to make someone look silly (often + out of ) They always take the piss out of her because she's a Barry Manilow fan. 'You should wear miniskirts more often - you've got the legs for them.' 'Are you taking the piss?' (British & Australian very informal!)
2. (British & Australian very informal) to treat someone badly in order to get what you want Four pounds an hour is taking the piss. £50 for that old thing? That's just taking the piss.
When you have to pee in a movie but don’t want to miss anything, and must do the following mental equation: will the amount I have to pee cause enough discomfort to diminish my attention capacity for the remainder of the movie to an extent which is greater than the amount of the movie I would miss by making a mad dash to the restroom.
I saw Satantango last night, wonderful film but by the 5th hour I had to start doing pee calculus.
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).