look up any word, like bae:
 
1.
When you're fucking a chick doggy style and she's bent over the bed you wrap her legs around you and quickly yank her off the bed as you stand up and she flaps her arms to try and keep her balance but like a penguin she can't fly and eventually faceplants to the floor.
Last night I gave my girl the flying penguin and she got a rug burn on her forehead...but she let me finish.
by Sillyninja July 24, 2008
 
2.
An exclamation used in place of curse words
Dude 1: Dude, did you do the Algebra homework?

Dude 2: FLYING PENGUINS! I forgot!!
by the hand of doom September 20, 2010