The act of licking a woman's asshole. When looked at closely, a womans anus is very similar to the tied end of a red ballon.
"hey man I heard he likes to lick his girlfriend's balloon."
"I licked her balloon until it popped brown helium all over my face."
"this crazy girl made me lick her balloon last night. I wish i didn't take her out for indian food."
"My gay friends were talking about balloon licking, can you play that at a child's birthday party?"