What is Peazy?
1.
Jail, Prison
Ebonic slang for Jail, Prison
'I was locked up for 400 holidays - Was in the peazy when I heard 'Eazy had died from AIDS' - Saigon in 'War' Remix with Nas
See
2.
An abbreviation of "peace be upon you". This can be used as a goodbye or in the most sinister case, to let somebody know you're waging open war on them.
"That's cool, peazy!"
That's fine, peace be upon you!
3.
Weak; not particularly cool; particularly uncool.
Damn son, that shit's peazy! or That's a big bucket of Pepto-Peazmol!