For those reading that don't have it in their vernacular or listen to Chris Jericho's podcast to hear the phrase used on the other side of the Atlantic, the informal British slang phrase "taking the piss" is, nutshelled, the act of mocking someone or something. Like most forms of humour it can be done with admiration, affection, unconscionable cruelty and everything in between. And, like everything else in wrestling, theres's something on just about every point of the spectrum for a collection like this.
Every different kind of human gravitates towards wrestling if they get the bug, as they do to wrestling rosters. Jocks and nerds share stories and showers, prodigious athletes mingle with special attraction body guys and systems of wealth and class are temporarily parked with the locker room acting as a great leveller. Those with great patter eventually unleash it, as do those with mean streaks or money-minded motivation to undercut all the rest.
There were those that took the piss out of the process because it was high banter, those that took the piss out of everything cynically just because they could, and those that took the piss out of their opponents in an art form wholly dependent on working collaboratively.
All variants are valid for a list like this, even if some of the behaviour itself absolutely wasn't...