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1.
The Happy Dragon is when a guy ejaculates into someone elses mouth, and then immediately tickles that person so that they snort the cum out their nose when they laugh.
My girlfriend complains that the Happy Dragon is starting to burn her nose.
by sefirom March 29, 2005
 
2.
During a blowjob, when a guy ejaculates so hard/has a lot of jizz it shoots out of the woman's nose. Here, the woman's head isn't held like an Angry Dragon- it just happens.
Man, I came so hard that it shot out of her nose! I wasn't even holding her head down... she was like a Happy Dragon!
by tintheg March 03, 2006
 
3.
Similar to an angry dragon.

While getting a girl from behind, when you feel you are about to cum, you spin your partner around, jam your cock down her throat, and make her laugh uncontrollably. You release as she is laughing, causing the ejaculate to pour from her nostrils.

It is said that performing this act will bring you good luck for several years.
"I just found a $20."
"You finally pulled a 'happy dragon' didn't you?"
"Last night."
by The SF Crew June 14, 2008