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1.
A weapon used to gun down hos. Metaphoric hos, not actually women.
It appears that Steve here was sent to his maker by a ho cannon
by AJ from The Crest May 03, 2007
 
2.
1. A title given to females of clearly promiscuous and disrespectful natures, so much so to the extent that one could aim and fire their promiscuous tendencies much like a cannon.
If the 2003 film, Master and Commander, were of a pornographic nature, they would be firing ho cannons instead of actual cannons.

"We need to keep Danielle away from David. Ho cannon.....FIRE!"
by WordslingerGun January 30, 2010