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1.
Term used to describe doing something you don't want to do, getting a bad deal, or just getting screwed in general. It refers to the act of eating a donut off of a fully erect penis. The act provides pleasure to the donut bearer while humiliating the donut eater.
Driving instructor: Hey bud, you didn't park between those cones.

Trainee: Come on man! I really need this job.

Driving instructor: Well bud, you're goin to have to eat the donut if you want driving privileges.

Aaron: Nice motocycle Kevin. How much did you pay for it?

Kevin: Uhhhhh..$4500.00. Ain't it

Aaron: Wow. You really ate the donut on that deal!

Mark: Did Dr. Lowe give you that promotion yet or what?

Henry: No. He said it would be ANOTHER month. I've been working here 12 hours a day 6 days a week plus I went to his house and fixed his lawnmower, camper, and his brother's rotor tiller.

Mark: Man, you've really had to eat the donut to get this promotion.
by Gimp daddy November 26, 2013