What is "Sipach"?
Rashi (from Shabbos 62b, Vayikra Rabah 16:1 #1): It is an expression of Tzara'as, like "Mispachas Hi" (Vayikra 13:6). Radak - in the place where they were haughty, will be Tzara'as. Kodkod is where the hair is parted. They would part their hair and beautify themselves in it.
Rashi (citing Vayikra Rabah 16:1) #2: Since it is written with a Sin, Chazal expounded that they will become Shifchos Mechudanos (indentured).
Rashi (citing Vayikra Rabah 16:1) #3: He brought on their heads many Mishpachos (families) of lice.
What is the meaning of "Pas'hen Ye'areh"?
Rashi: They will pour their Kelim. Pas'hen is Arame'ic - Pasya Uchma (Brachos 50a; an earthenware Kli). They would say "let Him do His deed (bring His punishment) quickly" - an officer will see me, and he will take me! When the punishment came, Nebuchadnetzar's officers took them for wives due to their beauty. Hashem hinted that they will spurt blood like one who pours from Kli to Kli (Shabbos 62b). When they were punished with Dam Nidah, they became repulsive [to their captors], and they cast them to the ground from their wagons.
Rashi citing Targum Yonasan: Their honor will be removed. Pas'hen is an expression of width and size.
Radak: Pas'hen is a euphemism for their Ervah. It will be revealed. They will go naked in front of the enemy that will take them to captivity.
Radak (from Shabbos 62b): Their [genital] openings became like a Ya'ar (forest, i.e. full of hair and hence despised for relations).
Malbim: The Pe'as (corner) of their heads (sideburn) will become bald - the opposite of their practice to expose the Kodkod (crown of the head) and increase hair on the Pe'os. Hashem will expose what was covered with hair, and cover the Kodkod, which was exposed, with Tzara'as.