When a flaccid penis gets tangled up in ones boxer briefs/whitey tighties and gets lodged either to the right or the left of the testicles; therefore, creating a little bit of a bulge as if you have a sausage in your pocket.
Grocery store owner: Hey man are you stealing one of my smoked kielbasas or is that a massive pocketsausage in your pants?
Man: It's a pocket sausage man. I got some new whitey tighties and they are way to tight.
To take something small, that doesn't quite qualify as a theft. Probably from the Danish "skæv" or the Dutch "scheef", both of which are pronounced similarly, meaning "askew, or not quite right'. To change an item's ownership without permission, but only something small and of little worth.
"I skeefed an apple off the neighbor's tree." "I skeefed some chips outta your bag when you looked away." "Don't skeef my chair when I go to the bathroom."