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Rainbow light up party dildo 

Could either mean that someone is a party animal but it is also exactly what it sounds like
"They are such a rainbow light up party dildo" or "they used a rainbow light up party dildo"

rainbow light up keyboard 

"an over priced keyboard that pro gamers use"
"his names silly salmon and he a rainbow light up keyboard"

Boarding Up The Closet With Rainbow Corpses 

Someone "boarding up the closet with rainbow corpses" is blatantly homosexual man or woman who tries to hide their gayness through extreme and sometimes violent homophobia rather than coming out of the closet and accepting their sexuality. Derived from the phrase "coming out of the closet" which refers to admitting to the world that you're gay, and to the fact that the rainbow is usually a symbol associated with gayness.
me:"I can't believe Chris! How can he call me a faggot and then threaten to rape me? Isn't that like, the most homosexual threat you can make?"
Seamus:"Dude, chill, he's just boarding up the closet with rainbow corpses. He's more of a fag then you'll ever be."

(editors note:this is based on a real conversation that occured a few times)

Throwing up rainbows 

Saying encouraging or comforting things to someone who is whining/crying/feeling sorry for themselves when all you really want to say is suck it up.
"Vanessa's useless, cheating boyfriend sent her a break up text yesterday, so I got stuck listening to her whine & cry about how she'll never find a good guy. I spent the night throwing up rainbows to make her feel better."
Throwing up rainbows by Zerady September 30, 2013

Upside down rainbow

Being In denial about your sexuality.
Did you see Harry Styles' rainbow mug in the Drag Me Down video?

Yeah it's an upside down rainbow I wonde what that means.

Rainbowsperm 

A type of sperm secreted by the vagina of a wolf named Seasonal, who resides peacefully on Wolf-Haven.com with her mate, Sheri, her pack, Shimmer, and her Chatbox friends, AKA The Douchebags. Rainbowsperm is dangerous, and when it comes in contact with another penis/vagina/mangina/pengina, a baby with moar rainbowsperm will be created (an example would be Sealiah).
Dylan is only awesome because he suffered a rainbowsperm attack.
Rainbowsperm by Seasonal April 28, 2011