A very informal goodbye greeting; 'see you later'. Sometimes used in an ironic fashion for goodbyes that should be more serious, i.e. the recipient dying, being killed, defeated, or left behind.
Goodbye. Often a source of confusion among whites from different parts of the U.S.
Indiana Bob: "Mike, did you spec that piece out to .05 inches?"
Mike from NYC: "Damn straight...peace out in da oh-five, bitches!"
By Jeana
Peace Out
Term used to encourage military members to become conscienous objectors "peace" and get "out" of the military. Started during the Viet Nam War by "Peaceniks" and hippies. Turned into a term for saying goodbye, used primarily within ethnic groups. Has been receiving renew popularity because of the U.S.s involvement in yet another unpopular war.