Is when a male is wearing shorts that are SOO short and tight that it pinches the dick and nut sack area. Opposite of "coochie cutters" as when a female wears "booty shorts" or tight tight shorts therefore cutting into the vagina area.
"Girl did you see his dick and nuts in those peter pinchers he's wearing"?
"Yes you could tell he was 2 inches soft and he shaves!"
Pinching a loaf refers to when one's sphincter clenches up mid-bowel movement, and cuts the egressing turd in half. The result is usually that one will have to wipe oneself raw in an effort to return one's rectum to a pristine un-befouled state of cleanliness.
Wife: Honey, what's taking you so long. We're going to be late.
Husband: I pinched a loaf, dear. Now I'll have to take another shower.