According to Green's Dictionary of Slang, it can mean many things. In this case, I'm betting on:
pipe, v.(3) 1. to look over, to inspect. 2. orig. of a detective, to follow, to pursue; to spy on. 3. to understand, to work out. [with US examples 1882-1962]
I find myself hoping the artist was behind and so repurposed a picture of Reed Richards by drawing a pair of horns on the head, sketching some underwear on the outside, and painting it all red.