A boner that arises at the moment when you are close to falling asleep, but becomes so uncomfortable that you must push back your sleep and instead focus on getting the boner flaccid. Typically one rids themselves of this type of erection by removing underwear or whatever they were sleeping in, and then not letting the peeper touch anywhere else, as that may keep the boner going. It may take awhile.
Dude 1: Yo man I got no sleep last night.
Dude 2: Damn that sucks. What happened?
Dude 1: Sleeper peeper bro. Shit didn't go away for hours.
Dude 2: I feel you dude.
A vehicle, usually an import tuner, that is heavily modified under the hood (built engine, forced induction etc), capable of being faster than most other modified cars, however has non-performance damaging flamboyant cosmetic modifications (stickers, a large spoiler, hood/roof scoops, large obnoxious muffler).
A ricer-sleeper accomplishes being a sleeper (a car that does not look fast but really is) by appearing to be a ricer (a car that is modified to look cool and fast but in reality is not).