The word "Guiche" is supposed to mean an opening in French, the actual translation is "window". This piercing is supposed to be a Samoan puberty ritual, but Derek Freeman Professor Emeritus of the Anthropology Department of The Australian National University, one of the world"s foremost authorities on Samoa informed me that he had no experience of this practice in Samoa. The puberty ritual practised in Samoa is subincision, this is where the underneath of the foreskin is cut down to the fraenulum. Professor Freeman stated that this practice has never existed in Samoa, and if it had in the past he would have been aware of it.
Doug Malloy Travelled to Tahiti just before WW2, where he met an Australian sailor who had jumped ship named Reggie Jones. Reggie told Doug about the piercing, and performed the piercing for him.
Doug Malloy said that this piercing originated in Tahiti, the piercing was done at age 12-14 and a leather thong inserted into the piercing, a small weight either a rock or a shell was hung from the thong once the piercing was healed. The procedure was performed by a "Mahu", in Tahiti a Mahu is a transvestite male who has taken on the role of a women, they are highly respected members of society, and they were said to possess magical powers by adherants of the ancient Tahitian religion. However, again I can find no evidence of this practice in any literature about Tahiti.
The ancient Polynesian mariners used to judge their direction by the movement of the waves, the best way to do this was to squat down and feel this movement through the swinging of the testicles. The Raphe Perineum where the Guiche piercing is done is the site of a large amount of nerves, and having a weight hanging from the piercing could possibly have helped the ancient mariners derive their direction, but this is only speculation on my part.
sources : painfulpleasures.com