1. The figurative erection that one gets when they see a new model of cell-phone that they want. This is usually accompanied feelings of pseudo-sexual arousal.
2. The literal 'bulge' that one gets in ones pants from carrying a cell phone in the front pocket of ones jeans. It was more prevalent 5 to 10 years ago because of the large heavy cell phones of the time.
1. Suzanne: "Oh my god that phone is sooo fucking hot.. I want it so bad!...
Mike: "Oh my fucking god, check out the phone boner on that bitch!"
2: Suzanne " Ok, see you later guys...(puts cell phone in front pocket)"
Mike: "Oh my fucking god, check out the phone-boner on that bitch!"