“Pedo” it’s a sustantive, and it literally means fart, but even if its not a verb like cagar or chingar, it has many meanings depending on the context you use it.
When you are drunk, you say “estoy pedo”, and when you are in a party where theres a lot of alcohol, you call it “una peda” (another usual word for it is also una “borrachera”)
“Pedo” can also be used when someones lies. If you say “eres un pedero” (words like piñero, and mentiroso can also be used here) It means that person is a liar, and if you say “es puro pedo” you are saying something is a lie.
When you are whith close friends, you can use ¿que pedo? In the same way you use “whats up”, to say hi to people and/or ask what is happening there.
Also when you have a problem, you can say, “tengo un pedo” or instead “no hay pedo” when there is no trouble.
I hope you have learned something new, about the spanish that real mexican talk on their everyday life.
If you want to improve your Spanish, I also give tutoring lessons on skype using this page that host many teachers from all over the world, and while I don’t really do grammar, I can help with conversation and doubts about the language. Also, if you are interested in any language besides spanish, there are teachers and tutors for any language there.