2.) What you yell, either in a joking or serious manner, when you want to leave the area in your vehicle quickly
3.) Any situation in which the above is performed
2.) "Shit, here comes my ex! PEEL OUT!"
3.) "Dude, we robbed the bank and then my ex comes out of the Robek's across the street! It was a total peel out."
2. The V-dub is a peelout-mobile!
3. That is one peelout automobile.
4. Peelout! That guy just did a donut on cobblestone!
5. Peelout, what should we eat?
Or, in combination:
Peelout! That peelout-mobile is peeling-out on that peelout road!