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1.
The wandering boner of a promiscuous male.
Steve: "Dude, I've had such a vagaboner this week."

Marty: "How many girls did you sleep with?"
by Carlton Philmore May 19, 2009
 
2.
An erection with no place to call home. Sometimes dirty or carrying baggage. Usually appears listless and unfulfilled.
"Dude, I was totally gettin' busy with Julie last nite and she started her period. Toatally left me with a raging vagaboner, bro."
by KLRD PPL July 05, 2012