A penis with so much foreskin that it looks like it flows like water.
Tim's water noodle flowed effortlessly out of his fly.
Bad storm, or the potential path of a large storm. This term comes from how the news tries to predict the path of a hurricane, tropical depression, tropical storm, etc. When watching the weather the forcast shows projections in different colors resembling the toy "water noodles" used in the pool. As a result, bad storms are dubbed water noodles.
Man, there are water noodles all over town today. I am going to stay in and watch a movie instead of going outside.