This is an old southern term used by my grandmother. It is a disrespectful term for a white person similar to "cracker" or "honky." I believe it comes from the fact that woodpeckers have reddish hair up top like white people.

When you're being horny (especially around friends) and as a result shame ensues.

The correct word is peck of wood. It was used by slaves to describe the worth of a white man that was the overseer. The slaves pronounced it as peckawood and the word evolved to peckerwood with wealthy whites wanting to seperate themselves from the lessor whites than themselves. I'm 62 years old and i was told this by my grandfather when i was a young man.

A peck of wood is the smallest weight of wood

Something to be used in place of the word dick, cock, or penis in a verbal argument. Bums use this term, as well as crackheads, junkies, and black people.