1. Anyone for whom sexual attractiveness is their strong suit, particularly if it is their only positive attribute. Similar to a squeak toy
, but perhaps not as pleasant to be around afterward.
2. Possessively, one's significant other, particularly (and especially out of earshot, of course) if that person is a friend with benefits
1. Did you see that girl? She's a total boinktoy.
2. Yeah, smart guy. My boinktoy. Eyes off.