No you can't get high off banana peels, but it fooled many for awhile. This was back when Donovan's Mellow Yellow was at the top of the charts (and drug experimentation was at the top of many a hippy's chart).

The rumor, as I heard it then, was you take some banana peels, dry roast them in an oven, then scrape the inside of the peel and put it in a pipe and smoke it. Of course I wouldn't advise anyone to do it, as it was just a joke.

Peace,
The Old Hippy
"E-lec-tri-cal Banana is gonna be a sudden craze." - Donovan