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1.
a word spelled with two "L"s.
Dude: Look at this baloon! I wrote 'baloon' on it!

Other dude: That's not how you spell 'balloon'.
by nobodyatallgoaway December 10, 2009
 
2.
A thing commonly used in birthday parties where people get horny but there are no condoms around. Particularly painful if the neck isn't cut out and particularly ineffective if the neck is.
Hence, also used as a slang for condoms, used when having a conversation over the phone that you don't want your parents to hear.
I got a pack of baloons today for the party.
by Gunkglumb May 18, 2005
 
3.
1) A large bloated nylon/rubber/polythene sheath that has hot air being blown into it, and is attached to a wicker basket in which people are taken for a ride, and are usually at the mercy of the wind.
2) Something that is spherical and made of rubber and full of air and makes little kiddies cry if you take it away from them.
3) Slang for a condom
1) find the baloon (the Flight Simulator level)
2) the big red baloon (the dumb kiddie book)
3) there is such a dumb sarcasrtic definition for a baloon (the other definition)
by Gunkglumb June 11, 2005