1. A clown's penis.
2. A term for a funny looking, or irregularly shaped penis.
3. A person behaving in a ridiculous or dick-headed manner.
4. A tasty cake treat marketed by clowns.
"Did you see Bob drunk and naked at the office luncheon? Man, he's got quite the clowndong!"
"Damn it Bill! Give me back my money - don't be such a clowndong!"
"Mmm - chocolate clowndongs!"