A phrase made up by Dubya, used to refer to Iraq. From context, it apparently has a positive connotation, but is distinct in meaning from "secure". Most likely means something to the effect of "peaceful and free".
A peeance freeance secureIraq in the midst of the Middle East will have enormous historical impact.
A penis that is long (apprx. 6-12 inches flaccid) and is incredibly skinny. Basically the opposite of a chode.
Everyone laughed at Mason's peence because it was funny looking. He then cut it off that night because he realized that it is better to have no penis than a peence at all.
A wordpresident George W. Bush created. Nobody can begin to fathom what it means. Only used once, with the word 'freeance' succeeding it, during a speech.
"A peeance, freeance secureIraq in the midst of the Middle East will have enormous historical impact."