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Sniffing the Biscuit 

when a person performing oral sex on another from behind puts their nose in the anus
Hey hon you got some "stuff" on your nose ugh....you were clearly sniffing my biscuit.

Bro Bro you were all up in that sniffing her biscuit and what not.

Man your a dam biscuit sniffer!

Hey, Hey I jumped on that and got so in to it I started sniffing the biscuit.
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playing with the bishop's nephew 

"playing with the bishop's nephew" is the act of masturbating while taking a shit in public. in modern usage the term also covers the act of masturbating while shitting in private, however the public aspect of the activity is of no small importance.
derek: "hey ronny, what's happening?"

ronny: "ah nothin', just hangin' at the crib."

derek: "well, you wouldn't believe what happened to me today- so i was up at colombus circle waiting for the bus, just playing with the bishop's nephew, and next thing you know this bitch starts flippin' out."

ronny: "what'd you do then?"

derek: "i told the bitch to chill the fuck out, i'm just playing with the bishop's nephew."

ronny: "sounds reasonable enough."

beat the bishop 

To manually stimulate the penis with the hand, typically until orgasm. To masturbate. So-called because the foreskin on the uncircumcized penis, when not retracted, is said to resemble a bishop's mitre.
Ma caught Jimbo last night, playing beat the bishop. She opened the door to say 'goodnight' just as he was jizzin' all over the quilt!

risk it to get the biscuit 

not to get anything without taking a chance. In other words: no risk, no reward
I won't make it to the finish, I don't wanna even try. Look on the bright side dawg, let's risk it to get the biscuit.

bash the bishop

as in, hes goin to aash his bishop
bash the bishop by bobby bobler October 16, 2003

risk it for the biscuit 

= Take the chance of sacrificing your current possessions in order to win much more... the sexy biscuit.

Biscuit just rhymes with risk it. Plus biscuits are sexy. Butter yo biscuit!

In the case of (probably) the first time this phrase was ever used, the "biscuit" was the opportunity to maximize your earnings and then earn even more. The risk was the possibility of losing your acquired earnings when you could have kept them if you weren't so greedy!

Background:

First used at least 3 years from today during a round of the dice game "10,000" at Jamezy's, to encourage those with only 1 die left to take the chance and roll because if they hit a "1" or "5" they would get to roll all 6 dice again whilst retaining the points acquired during their first turn.

In this game you have 6 dice and take turns in a clockwise rotation rolling the dice to accumulate 10,000 points to win the game.

Each turn when you roll something worth points (ex. "1" = 100 points and "5" = 50 points) you get to roll the remaining dice again or keep the points you have acquired during your turn.

If you earn points with all 6 dice, you get to roll all 6 again (biscuit).
J: I think I'm gonna stop and keep the 500 points.
A: Naw man, risk it for the biscuit! The sexiest of biscuits!

J: LOL alright... I'M RISKIN IT FO DA BISCUIT!
risk it for the biscuit by Pap¡ October 20, 2016

buff the bishop 

Same as spank the monkey and jack off (more common in the UK)
He had to buff the bishop after his date with the cute coed prude left him unfulfilled...
buff the bishop by Adam Doubleyou September 12, 2006