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Either a man's dick that is so small that he basically has a vagina, or a woman's clitoris that is so huge that it could be a dick.
Person one: I had sex with Suzy last night, and she fucked my ass with her pegina!
Person two: Dude, that rocks, but I had gay sex with Johnny last night and his dick was so tiny it was a pegina.
pegina by TheCrabMaster December 17, 2015
Related Words
When a penis grows with a vagina on the tip instead of a regular pee hole.
Wow Sam! Your pegina is hott!
pegina by heedyhutsfinger January 23, 2011
A woman's passage from the outer genital area to the uterus. Also known as a pussy.
Lucy: My pergina hurts from all the sex we had last night.

Dave: Count you and your pergina lucky because I am going in again.

Penginas 

A cross between a penis and a vagina. Sadly, the sighting of a penginas has never been recorded in medical history, but if one was spotted, this is what it would be called.
"That's no ordinary large clitoris, that's a penginas."
Penginas by Boycy September 29, 2004
Pretty self-explanatory.
Combination of a boys weener and a girls.. cave?
Can be used in situations like the following example:
Anonymous: Dicks or Vaginas?
Bree: PEEGINAS
Peegina by TreeTreeGrass April 20, 2010
When a man has a very small penis, much like a large clitoris, thus looking like a cross between a penis and a vagina.
"Ewww, look at michael's penis, its so small it resembles a pegina!"
Pegina by Charlie7 July 13, 2009