That's funny. I don't think I would have figured it out if he hadn't explained it.
It can refer to a derivation or insult that mocks the original. It's been a common Britishism for many years now. For example, a parody is often said to "take the piss out of" the source material that inspired it."taking the piss out my name"
wat?
"taking the piss out my name"
wat?
wait for it...
I am still waiting for "it"