Bananapeeler is used to describe a foolish or gullible individual. It has also been used to describe someone incredibly basic. Generally, the term has a derogatory connotation.
The use of bananapeeler has been gaining popularity in the last few months. Most notably to describe those lacking a good taste in music.
Ruler of Lake Titicaca. Rumored to have a bunghole that gets very angry if it does not receive toilet paper. Cornholio the Great is often seen walking around with his shirt over his head and his hands in the air, chanting songs about his power, and his bunghole.
"I am Cornholio! You do not want to face the wrath of my bunghole, for I need TP!"
Butthead: Shut up, Beavis! (uh huh huh huh)
Beavis: Um, okay. (heh heh heh heh).