There are variations to this maneuver:
1) A "Bloody Balboa" with a south paw would be to add ones finger(s) into the rectum during the act.
2) A "Balboa" would be a "Bloody Balboa" minus a women's monthly cycle. This was originally introduced due to the fact that it was performed on the steps of the Philly art musuem on a 70 yr. old lady who was well past her prime.
3) A "Bloody Balboa" vs. "Mr. T" would be performing the "Bloody Balboa" with a female who is heavily pierced in the vaginal region.