Limey: I say, old bean, I had a Rainbow Party last week! We all had a beezer time, despite Bungle having eaten too much jelly and ice-cream.
2. A party/orgy where all girls wear different colored lipstick and suck all the guys penises -- leaving a rainbow effect on it
3. A party/orgy with a lot of people from all different races, African, Calcation Puerto Rican, Asain..
4. A homosexual party/orgy
2. "N---a I'm ballin'; My dick been through every color lip gloss" - Lloyd Bank
3. Hey I think I cought jungle fever from a chick at that Rainbow Party last night
4. Silly Billy called all his friends to come to the Rainbow Party
Note: Has nothing in particular to do with homosexual orientation (though it could)