Slang term
originally used to describe a gold Rolex watch, but now used to describe any Rolex in a joking manner, since Rolex watches have become very common.
When
originally coined, it was a humorous reference to how Texans, rich with oil money, flaunt their wealth. The play is on the fact that Timex is a cheap watch, while Rolex is an
expensive one, hence Texas Timex.