party elephant 

When a male pulls his pockets inside out and unzips his fly and takes out his penis.

"Man, Bennett totally just did the party elephant! He is a real winner!"

party elephant by Hernando Potér September 9, 2005

Elephant Party 

When 3 or more gay men have a circle jerk.
Comes from the habit elephants have of holding each others trunks.

“Hey Dave, Bruce and John are coming over! We are finally going to have an elephant party tonight! Yay!

Elephant Party by Nerdboy1982! August 6, 2019