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1. Punchline phrase to the children's song and/or finger play that goes:

A peanut sat on a railroad track,
His heart was all a-flutter.
Round the bend came Number 10,
Toot! Toot! Peanut Buttter!

2. Synonomous with "His ass got hammered!".
Football Announcer: Here's the handoff and OOOOH!!! WHAT A HIT!! That's GOTTA hurt!
Viewer at Home: DAYEM! Check out da replay yo! Urlacher's like toot toot peanut butter. That's how we hit in Chicago son.
by JRPinCT May 02, 2007
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2
An interjection used to request the forgiveness of another whom you have or soon will inconvenience. (a.k.a. Excuse Me, Pardon Me)
Sally said, "Toot toot Peanut Butter" requesting Sue to step asside as she passed through the narrow hallway.
by BS August 10, 2004
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