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2.
A Penis Missile is a common term used for a sport motorcycle. It was derived from the more popular term Crotch Rocket.
Davey: dude check out my new motorcycle.

Shane: awesome

Davey: ya its not one of those penis missile's

Shane: Penis Missile ?

Davey: ya like a Crotch Rocket.
by daveythenavy December 22, 2010
 
1.
noun- A missile so large that if it is used on another country, it would be as if that country were being sodomized.
Person #1: Oh, Dammit, its the penis missile!!!
Homosexual w/ lisp #1: Oh, Jesus, Jesus Christ...
by ¡¿The Big W?! June 10, 2006