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1.
Someone who looks good from far away (40 yards away).
Dang, she looks good. Oh wait... nope, maybe not. She's a 40 yarder.
by Karenny September 17, 2005
 
2.
Any variation of yard markers referring to the distance you could punt a dog.
"That chihuaua is pretty small... I'd say at least a 40 yarder."
by tsunjo September 05, 2008