A mondegreen for penis, much like Pingas. It's heard in a parody of the late Orson Welles from the animated series The Critic during the episode "Eyes on the Prize," in which a group of students watch a commercial shoot for Rosebud Frozen Peas, and see Welles immediately ragequit the shoot after saying the word.
Yes, Rosebud Frozen Peas. Full of country goodness and green peaness.
by Triple Factorial August 05, 2010