Hung meaning the thing that hangs, and donkey, being a lazy creature with a big dick. This term refers to someone with a wide, long penis and large balls.
To make an act one's top priority, much like scarfing free breakfast would be for a donkey, were it confronted by an unattended waffle. Usage of the phrase implies some amount of immediacy or urgency to the performance of the act.
Boss: Can you get that done by noon?
You: I'm all over it like a donkey on a waffle.
Boss: Hell yeah.