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gayer than a bag of penises 

Uber-gay. So gay your testosterone level drops just looking at it. Note that this phrase can be used to describe anything, either human or object, that is very gay-looking.
Person 1: So, what do you think of my new shirt?
Person 2: Nice colours. It's gayer than a bag of penises, dude.

Person A: Have you met the new guy? What's he like.
Person B: Pretty fruity, mate. He's gayer than a bag of penises.

smoking penises 

Guy 1: I'm tripping off of LSD
Guy 2: That's gay man, I'm tripping off of smoking penises

Guy 1: Yo that's sick dude. lemme try that.

At least I'm not rubbing penises all over myself 

"At least I'm not rubbing penises all over myself."
(Introspective)

"At least YOU'RE....."
(Outrospective)

-Phrase meaning "It could always be worse..." or "I could be doing worse things right now."
Examples of At least I'm not rubbing penises all over myself.

A) Reassuring; In a bad situation used to remind another that "it could be worse." (Ex: "I know your life is chaotic right now, and you're full of inner pain....But at least you're not rubbing penises all over yourself.)

B) Optimistic; Use to reassure oneself that "It's not that bad." {Ex: "Even though I have no money, no job, no car, no girl...at least I'm not rubbing penises all over myself.")

C) Derogatory; Used to insinuate homosexuality in a straight friend. (Ex: "I may be having sex with a fat chick...BUT at least IM not rubbing PENISES ALL OVER MYSELF...GARY!")

smokin penises

Smoking large blunts. Or abnormally huge cigarettes.
No homo bro but we smokin penises
-Young Thug

touch penises 

1. when two penises touch

2. when you hang out with a male friend a lot, usually used from male to male
"hey man erik's hella cool"
"well why dont you go touch penises with him you like him so much"
touch penises by highknightjuice December 17, 2007

guys who stick their penises in other guy's butt holes

Exactly what it says
Some douchebag: are you and that other guy gay?
Me: No, we're just guys who stick their penises in other guy's butt holes, huge difference
Some douchebag: I see no difference
Me: It's cuz we say NO HOMO so that makes it straight. Then we go back to fucking girls right in the pussy

If penises could walk 

An expression used to describe situations in which the aforementioned event could never occur, ie. something that is very, very, very, very unlikely to happen.
If penises could walk, I could get laid every night this week.