Apply previously shredded xml values to subsequent elements

In such cases I prefere to use CROSS APPLY to calculate a tally-on-the-fly as derived set and use sql:column() to read position-related nodes via position predicate.

declare @xml xml =
N'<module mod-id="333">
  <title>NNN NNNNN NNNNN</title>
  <data-code>
    <code-id>333-004</code-id>
    <description>XXX XXX  XXXXXXXX XXX X  XXXXXXXXXXXXXXXX</description>
    <applic>
      <p32>
        <condition cond-id="o-000008888">
          <ctext> NNN NNNNNNNNN NN NNNNN NNNNNNNNN NN</ctext>
        </condition>
        <m234 domicile="all" ver-start="4.40" target-ver="4.40" vocation="all">
          <value>
            <price-container pwdb-id="p-000121212">267</price-container>
            <weight-container pwdb-id="w-000676767">0/40</weight-container>
          </value>
        </m234>
      </p32>
    </applic>
  </data-code>
  <data-code>
    <code-id>333-005</code-id>
    <description>NNNNNNNNNNNNN NNNNNNNNNN NNNNN N NNNN N NNN NNNNNNNN</description>
    <applic>
      <p32>
        <condition cond-id="o-000002222">
          <ctext> NNNNNN NNNNN XXXX NNNN XXXX NNNNNNNN XXXXXXXX </ctext>
        </condition>
        <m234 domicile="all" ver-start="4.40" target-ver="4.40" vocation="all">
          <value>
            <price-container pwdb-id="p-000123456">N/C</price-container>
            <weight-container pwdb-id="w-000234567">0/0</weight-container>
          </value>
        </m234>
        <condition cond-id="o-000033333">
          <ctext> Price with DC 622-005 , DC 622-197, , and DC 622-292 </ctext>
        </condition>
        <m234 domicile="all" ver-start="4.80" target-ver="4.80" vocation="all">
          <value>
            <price-container pwdb-id="p-000456789">99999</price-container>
            <weight-container pwdb-id="w-000789012">0/0</weight-container>
          </value>
        </m234>
      </p32>
    </applic>
  </data-code>
</module>';

--the query

SELECT A.dc.value('(code-id/text())[1]','nvarchar(100)') AS data_code
      ,A.dc.value('(applic/p32/m234[sql:column("Nmbr")]/value/price-container/@pwdb-id)[1]','nvarchar(100)') AS pwdb_id
      ,A.dc.value('(applic/p32/m234[sql:column("Nmbr")]/value/price-container/text())[1]','nvarchar(100)') AS [text]
      ,A.dc.value('(applic/p32/condition[sql:column("Nmbr")]/@cond-id)[1]','nvarchar(100)') AS cond_id
FROM @xml.nodes('/module/data-code') A(dc)
CROSS APPLY(SELECT TOP(A.dc.value('count(applic/p32/condition)','int')) ROW_NUMBER() OVER(ORDER BY(SELECT NULL)) FROM master..spt_values) B(Nmbr);

The reslt

data_code   pwdb_id     text    cond_id
333-004     p-000121212 267     o-000008888
333-005     p-000123456 N/C     o-000002222
333-005     p-000456789 99999   o-000033333

The idea in short:

We use .nodes() to get the repeated <data-code> nodes.
Now we use a trick with CROSS APPLY: This will return a list of 1 to n as derived set, where n is the count of <condition> nodes.
As you can see, I can use the numbers (returned by the APPLY) in sql:column("Nmbr"). This will pick the condition[1] together with m234[1] and condition[2] together with m234[2] and so on.

Any usage of backward navigation ../ and the suggested << tend to be very slow...

You can calculate the row numbers for each CROSS APPLY and correlate them, like this:

SELECT x1.data_code, x1.pwdb_id, x1.text, x2.cond_id
FROM @xml.nodes('/module/data-code/applic/p32') as Xtble(datanode)
CROSS APPLY (
    SELECT ROW_NUMBER() OVER (ORDER BY price) AS RowNum1, 
        price.value('(../../../../../code-id)[1]', 'varchar(50)') as data_code,
        price.value('@pwdb-id', 'varchar(50)') as pwdb_id,
        price.value('(text())[1]', 'varchar(50)') as text
    FROM Xtble.datanode.nodes('m234/value/price-container') as Xtble2(price)
) x1
CROSS APPLY (
    SELECT ROW_NUMBER() OVER (ORDER BY cond) AS RowNum2, 
        cond.value('(@cond-id) [1]', 'varchar(50)') as cond_id
    FROM Xtble.datanode.nodes('condition') as Xtble3(cond)
) x2
WHERE x1.RowNum1=x2.RowNum2

You can use << to get a set of the previous nodes and last() to get the last one of those.

select D.X.value('(code-id/text())[1]', 'varchar(50)') as data_code,
       M.X.value('(value/price-container/@pwdb-id)[1]', 'varchar(50)') as pwdb_id,
       M.X.value('(value/price-container/text())[1]', 'varchar(50)') as text,
       M.X.value('(for $n in ../* where $n << . return $n)[last()]/@cond-id', 'varchar(50)')
from @xml.nodes('/module/data-code') as D(X)
  cross apply D.X.nodes('applic/p32/m234') as M(X)