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2.
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!"
by Saklickr1414 December 03, 2006
 
1.
When a chick is showing her tits and her skin is red from heat rash or just cause she's weird, and her tits look like two upside down triangles with silver dollar nipples on the end and collectively resemble two upside down santa hats.
Girl: " Do you guys think I could pose for Playboy?"
Guy: "No way, you are way too ugly, and besides, your tits look like santa hats!"
by Can you handle it? September 16, 2014