one-eyed willie 

1) Euphemism for a penis, where "one-eyed" refers to the external urethral orifice (or pee-hole) located at the tip of the penis' head.
2) One-eyed willy, both alternate spelling and definition.
Expression's origins: derived from the name popular character from the film "Goonies" (although this context has been permutated with time). See also dong, dick, schlong, willy, wang, johnson, cock.

I have six beers, and next thing I know, I'm staring into the eye of Jake's one-eyed willie.

one-eyed willie by Jenn F September 23, 2005