2) One who believes he is higher and mightier than the rest based on how much his parents spent on his college education.
The word is mostly used as an insult by real men (even those with a college education) to differentiate between themselves and the castrati.
Wesley: No, but I am smarter and richer than you.
Vinny: Really College Boy? Then why do I get more trim than you do?
Wesley: What is trim?
Vinny: Exactly my point, College Boy!!!
This of course is merely indicative of envy on the part of the individual using the insult.
College Boy: "Man, look at that schmuck. It must suck to work so hard for so little money. He should have gone to college."