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1.
An item that is normally worn at sporting events to show support for a team; but as Miley Cyrus has demonstrated, it can also be used to touch yourself or someone else sexually.
Miley Cyrus showed the world a whole new use for a foam finger at the 2013 MTV Music Video Awards by touching Robin Thicke's crotch and then her own with it. Now people are never going to look at foam fingers the same way again.
by Daedalus Suburbanus August 28, 2013
 
2.
A treasured item that brings good luck to sporting events.
Raise up that foam finger!
by sammymac8 December 28, 2008