When something evokes such a strong emotional state that you pee your pants, but it is entirely acceptable because the event is so grand. IE: You laugh so hard you pee.
#1
Ted: Dude, be prepared to laugh... check out this YouTubeclip!
Ned: *watches* OMG! LOL! LMAO!!!! Dude! That was totally peeworthy, I couldn't catch my breath!
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.