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1.
To have a semi erection.
Jae: "Ahh man, I just saw a couple a fat chicks and I only got a bonerang"
by Vkung June 11, 2009
 
2.
A boner that was eject out by excessive erection and it can fly back to your nuts.
A: Look, I got a bonerang!
B: Your bonerang broke my glasses!
by SandaimeSpaceMan February 15, 2008