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It means that you have snorted or eaten large amounts of painkillers (such as oxycodone, morphine,heroin) and a large amount of cocaine resulting in a very euphoric (stoned or high feeling) which is comparable to an intense orgasm lasting for over an hour.

Coked= (cocaine + oxycontin)
Donkey= (Your Mind)
-"Dude after i snorted those oxy's and coke last night i was coked out my donkey!"

" *rails crushed oxy and coke mixed together (aka the speedball)*

Im fuckin coked out my donkey right now"

"Lets get coked out of our donkeys tonight,"
by tmoeboop June 01, 2012