1. The act of a man not washing his penis for two years. He can accomplish this by covering his genetalia with a shower cap when he bathes, leaving a condom or balloon on his penis at all times, or by just skipping washing himself altogether. Once his penis is especially filthy and overgrown with mushrooms and other molds, and his pubics an enchanted forest full of woodland creatures, he will have unpretected intercourse with a lady. If all goes well, the animals populating his pubic region will leap onto the fur of the man's partner, thus spreading the fun and the funguito to as many people as possible.
2. The act of a man collecting his semen in a bowl or other dish for several months. Once he has a good amount built up (2 cups or so), he will leave it in a damp, warm, dark area for upwards of two years. When he uncovers his treat, it should have a thick, green, mossy coating on the top. He will then scoop as much of his fungusy prize as he can into his dominant hand, spring on an unsuspecting lady, and throw it into her welcoming face. If he chooses, he is welcome to say something victorious along the lines of, "You've been Funguitoed!" to the victim.
A member of the "Holy Toledo Trinity", along with the "Toledo Burrito" and the "Toledo Mosquito".
"Did you hear about Terry? He pulled off a Toledo Funguito this weekend. Apparently he's been jerking off into a bowl and wearing a shower cap over his penis for, like, two years."