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1.
An item bought for a grossly inflated price to impress people or because you convince yourself you want it: "Hong Dong" is the name of world's most expensive dog, a Red Tibetan Mastiff bought by a Chinese industrialist for $1.5 million.
That MacBook Air you bought to could check your Hotmail at coffee shops is a real hong dong.
by Sharawadgis March 18, 2011
 
2.
The crust in between the penis head and shaft that forms after not showering for a day or so. Also known as a homeless guy who says he is richer then you by "life experiences".
The hong dong in my crotch is making my balls itch.

Let me throw away this condom with hong dong in it.
by Jewbear April 07, 2007