Referring to any object or decription as a penis reference. It is usually contextualized as a retort, and it is something of size when referring to one's own penis. It can also be something very small, but this is usually when referring to another's penis size.
Man! That was a humongous truck that just drove by!
I got something humongous for you hanging.
Do you mind if I have a little taste of your dessert?
I got something you can have a little taste of hanging.