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A schlodeo (derived from the words schlong and rodeo) is when you place a saddle on someone's dick, and ride it like a bull rider as if you were in a rodeo.
Bro 1: Yo Kelly was so drunk last night, she started riding my dick like a bull!

Bro 2: Dude, she totally gave you a schlodeo!

Bro 1: Awesome!
by Agatster February 15, 2009