An internet connection that is very laggy or even non-responsive. The phrase is usually used in Real-Time Strategy or MMORPG games online. The phrase was first used in a 2v2 match of Stracraft when the game was close to lagging out or disconnecting on a host game. When the game dragged, the host saved the match and titled it "WHO HAS THE FISHER-PRICE MODEM!?!". After that, hilarity ensued and the culprit with the slow internet connection was revealed because Starcraft drops laggy users when a game is saved.
Dude, don't ever 1v1 that guy, his fisher-price modem will drag the game on for hours!
A modem Pussy is a female of unknown physical attributes that tends to attract the weaker of human male specimens. This usually involves the unrealistic imaginations of MMORPG fanatics which are dually dissapointed by the pics posted.
For example "Dude, I ain't joining no guild for some modem pussy."