Another phrase meaning "awesome." Can be used to describe anything that is cool or fun. Also takes the form "The Cock n' Balls" meaning the best possible outcome or situation. In contrast, "The Vagina" can be used to describe an unwanted entity.
Men > Women
Men have balls.
Women have a vagina.
Vaginas are nice, but they are unfortunately attached to a woman, making them annoying and pissy fun-vampires.
Joe: That concert last night was awesome! It was truly The Balls!
Fred: I might even go as far as saying it was the Cock n' Balls! It may have been the best concert I have ever attended!
Bill: Dude! I just got audited!
John: Man, that is The Vagina!