The act of one fag jerking off another fag until his dick is really red, and then the red dick fag blows the other until he shoots his load all over the tip of the red dicked fag's penis, therefore sort of resembling a Santa hat.
HO! HO! HO! There won't be any cookies this year but there sure as hell will be a lot of milk! Yum yum yum!
"What do you want for Christmas, little Joshua?" "I already have my two front teeth, but I would sure like a Santa hat!"