Done naked, post rugby game, opponents welcome. One arm under your crotch gripping your mates hand similarly placed, your other arm gripping the dudes hand in front of you. Singing something like "We all going on a Lion Hunt".
All the rest is bogus. Sphincters, dick grabbing etc., are knock offs by twits if they exist at all.
Best done at the bar or the Common Area if it's late enough.
Don't ever recall Elephant Walk being used in a sentence. It just happens, like a ruck.
Jacking around, activity without any particular goal in mind, performing an activity without any time-frame or specific goal.
I'm going to take a break and futz around in the pool. He is outside futzing around with the dog.