A Penis Missile is a common term used for a sport motorcycle. It was derived from the more popular term Crotch Rocket.
Davey: dude check out my new motorcycle.
Davey: ya its not one of those penis missile's
Shane: Penis Missile ?
Davey: ya like a Crotch Rocket.
noun- A missile so large that if it is used on another country, it would be as if that country were being sodomized.
Person #1: Oh, Dammit, its the penis missile!!!
Homosexual w/ lisp #1: Oh, Jesus, Jesus Christ...