Its origins as a phrase aren't super certain I don't think, but the slightly longer form is "taking the piss out of <me/you/them>". You've got the meaning right there though :)
I have to find out how the British came up with “taking the piss” to mean “joking”, “fucking with me”, “teasing”, etc. If that’s really what it means. They seem to just toss it in any time they don’t believe another person.
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...I have a feeling I once read it might come from being "piss-proud", but don't quote me on that :D
End of conversation
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