Yes it's, "a vulgarity" (which I like and use all the time) never to be used in formal situations, or in polite company.
It means this is annoying me.
This is pissing me off.
That really pissed me off.
I'm pissed off.
But then, "I wish he would piss off" means I wish he would go away.
And.............Piss off......means go away.
Oh and piss is slang for urine.
(oh pissing about/pissing around means procrastinating, or wasting time, or being silly.