Honkey was a term made popular by the great George Jefferson in the 1970's. The term refers to someone of caucasian skin. It dates back to the early 1900's, when affluent white men would honk their car horns in urban areas to signal to prostitutes that they are ready and willing.
"Reach for the sky Honkey!" - Dave Chappelle
"Damn, that honkey be so white, I'd lose him in a blizzard. Crazy saltine." - Shamar Washington