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1.
The action of removing one's own penis from his or her pants for public display. i.e. Whipping it out.
Matt: Dude, how can I get her in bed with me?

Jim: Just do what I did last night. Drop the anchor and hope she takes your fish for a swim.
by anchordropper July 29, 2012
 
2.
So me and my girlfriend were getting into it, and she let me motorboat her this time, but I surprised her when I decided to drop the anchor.
by ExpertEntrepreneur August 02, 2011
 
3.
A phrase meaning to excrete feces.

SHITTIN, DROPPIN THE KIDS OFF, RELEASING THE TURTLE, BIRTH OF KING KONG.
I've been needing a hefty one for days,I can't wait till the day of the release where I just drop the anchor.
by Rocketfart December 01, 2008