peeling it

1) to be slacking off or doing absolutely nothing; being a slacker
2) to masturbate

from the Spanish: Se la esta pelando. (He is peeling it.)

Person 1: Man, just look at T-Rex. He's been sitting there all day just peeling it!

Person 2: No kidding! I wish I had a job like that!

by TitoBear July 6, 2007

Peelin It

When one or more persons are sexually frustrated to the point of fidgeting, which leads them to peel/scrape/bite off the label on a beer bottle, and then hand it off to the person of choice to let the ravishing commence.

"What are you doing Ellen?"
"Here Greg (boy of wanting) have this beer label."

by Ez E December 13, 2003