When a person changes lipstick several times while felating a penis, and leaves a rainbow colored hue on said penis. Ref: Jeffrey Budzynski- contemporary American, Floridian, rainbower of police penises.
The term is used when a person or family member is accused of “turning” a younger member of the family/child gay. The term is only applied if the old person is themselves identifies as gay.
Guy 1: OMG LOOK AT THE LOW PRICE!!!!! ITS SO INTENSE!!! (**he faints**)
Guy 2: (to guy 3) Whats wrongwith that guy?
Guy 3: Oh nothing hes just double rainbowing over the low prices.