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1.
Besides meaning being short or overly thin, can also be used to refer to a small penis, a reference to the penis' other name, boner.
A: Whoa! That's some small dick you got there!
B: Dude, I don't have a small penis! I'm just small boned.
by der fuehrer August 31, 2007
 
2.
A nice way of saying one is short, small in an odd way, or a midget.
"Yo man I'm not short. I'm just small boned"
by shortbonededness January 03, 2007