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1.
Named after the cultural icon, Elvis Presley, who was known to frequently eat peanut butter and banana sandwiches, "The Elvis Presley" takes place when a male lubricates a female's vagina or anus with peanut butter and then proceeds to penetrate her with a banana. This term was formed after an off-campus incident at Rowan University in Glassboro, New Jersey.
"YO MAN, I GAVE THAT BITCH THE ELVIS PRESLEY LAST NIGHT... NOW SHE HAS SALMONELLA!!"
by MrCreampuff February 15, 2009
 
2.
When your girlfriend is hungry but you want a blowjob.

You mash a banana in a jar of peanut butter, proceed to stir it around with your penis.

You then use your penis to spread it across her face like a butter knife. This should satisfy both your needs at once.
Kaley: I'm hungry ...
Jacob: I want a blowjob. Give me that jar of peanut butter and a banana.
Kaley: What?
Jacob: You're getting the Elvis Presley, Beeoch, I hope you don't have a peanut allergy.
by Nothern Ginger Attack Monkey April 11, 2009