Original: Piper's Pit returned during Piper's short return to the WWE in 2003. The segment also made a return in 2005 at WrestleMania 21 interviewing Stone Cold Steve Austin, the night after Rowdy Roddy Piper was inducted into the WWE Hall of Fame.
Simplified: Piper's Pit is a very popular interview segment on Raw that is usually hosted by "Rowdy" Roddy Piper.