A situation in which one gives or receives a hot monocle, always under the cover of night, and usually resulting in fat lips and/or abrasions to the head, neck or face. A Hot Pink Elephant must be maintained with the highest level of discretion. A onesie may be worn during the act of a Hot Pink Elephant, but only if said Hot Pink Elephant is being performed in or around a bunk bed.
Damn dude, that situation with Marla last nite turned into a Hot Pink Elephant fo sho!!!