'presesh' is a combination of the words pre and recession. it can be used to refer to anything that seemed worthy of hard earned money before the recession when things were good economically. anything presesh must now seem extraneous, wasteful, and a little tasteless.

When you eat dirt for the first time and leave your family to build a shack in the woods

Short for 'Pre-session', the session of drinking before going out to party or club. Generally held at a friends house, to get drunk and hang out before going out.