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A penguin, usually a baby, which is very cute.
Awww, isn't that pengy so cute!
by anonymous August 27, 2003
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2
A pet name for someone very near and dear to you. Referring to the Pon & Zi comic where pon asks zi to be his penguin because they stay together for life.
"I love you Pengy." or "No thanks, I've already found my pengy."
by Pengy-Duck April 25, 2009
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