Gesture created by turning out one's pants pockets, releasing the zipper and then exposing one's flaccid chode in an entertaining fashion, so as to resemble an elephant's trunk.
"Oh my God Tom, not the WhiteElephant again, nobody wants to see it, put that thing away."
The one girl a guy will always have a thing for, and will always do anything for. The girl a guy will never forget, even if there was nothing between them. The girl who is more, to the extent where, a guy will never be with this girl and is aware of the reality and so, realizes it will never be.
Steve- Why do you keep calling her?
Tom- I can't help it, she's my white elephant.
Steve- It's never gonna happen.
Tom- Yeah, I know, but not for lack of trying.
Neotard: Obama is incompetent because he didn't fix the economy overnight. Baba booey baba booey baba booey.
Intelligent person: Relax moron. It took eight years to get this way. It'll get better. Bush gifted a white elephant just like his daddy did before him.