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1.
When something is going to crash and burn. Could be a relationship, situation, objects....
Katie and Robbie are getting RE-Married.... To each other?!!?! Oh man, that's going to be an Air Show...

I know if we go to Belo on Friday, it's going to be an air show.
by DannyAnnieBeauFanny March 25, 2010
 
2.
A sexual act where 5 or more men all do the "helicopter dick" in synchronization.
Person 1: "Did you hear what the football team have been doing in the changing rooms lately?"
Person 2: "Yeah, I've heard that they are putting on an Air Show"
by d4rk01 September 07, 2013