Meant to sound like "Take one for the team." This means you are dating a girl you are not really attracted to, just for the sex. In doing this, you are taking one for your penis.
I started dating Michelle, she's not super hot, but I've got to take one for the Peen.
A dutty druge who gets paranoid 24/7 over being in a jungle. He also is a baldy/growing mop that is depressed 25/8 except for when he is being a stoner with Zak
Slapping the peen is referred to as "Masturbating" by thugs and others affiliated with thugs. This combination comes together to produce a good party anecdote, for example "Do I got a story for you guys... So the other night I was slapping the ole' peen, and right when the wife walks in I "YOU!" all up on her face.
Aye homey, once I got home, I pulled my pants down and started 'Slapping the peen'