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1.
The state your balls are in after not having been washed for a week (or two), especially if one has masturbated often. The result is a rank, fish-like smell rising from your nether regions.
Dude, I have whacked it so much this past week, and now I have to shower. I have a total fish basket going on right now.
by Sam Holmes March 23, 2007
 
2.
Slang: Term used by gay men for women. May be used as an adjective or a noun. Synonym: fish taco
Adj. She's such a fish basket!

Noun. Way to go fish basket!
by motob March 28, 2009