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1.
In the song of same name, "Black Velvet if you please" is a reference to Elvis Presley. No wonder women in Karaoke bars singing the song have seemed so surprised when I've bought them a shot of Black Velvet booze.
"Black velvet with that slow southern style"
by Larry Barker September 03, 2006
 
2.
A Canadian whisky (spellt 'Whisky' rather than 'Whiskey' as in the U.S. and Ireland) of quality and affordable price. Like other Canadian-style whiskies, it's smoother than Rye or Scotch, yet not as sweet as Bourbon or Tenessee Whiskey like Jack Daniel's. Smooth enough to enjoy straight and it mixes well.
"Aiyo man want some bourbon on the rocks?"
"Nah, too sweet right now, give me some Canadian or Scotch. Maybe Black Velvet."
by deryckc September 05, 2009
 
3.
The act of having sex with a girl while she's on her period, then putting it in her stink hole, then cumming in her mouth constitutes as a "black velvet"

Variants include:
-the jelly vlevet: black velvet plus a jelly doughnut
-black velvet surprise: after cumming in her mouth, tickle the slut so it'll come out her nose.
-BV ala mode: period pussy to poopy place to cum in her eye.
Shavandria was on the rag so I hit that shit thrice and gave da hoe a black velvet yo!
by zoomsplat July 09, 2011