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1.
A condom in which is far to large for the individuals penis, and is loose like a poncho
The small asain man put on a magnum, he was sporting a huge penis poncho
by Brian H and Danny S August 27, 2009
 
2.
Another phrase for condom.
Hey Jimmy!! Don't forget to wear your penis poncho before you have sex!!
by James1024 February 03, 2009