Running a tug boat means to have 3 men no more and no less than that, tugging one out (masturbating) in a horizontal line side by side all facing one chick and blowing your load all over her.
A banana boat is when you instuct your male partner to gently mash up a banana while leaving the peel intact, next remove the stem end with a clean cut, after that correctly put a condom over the entire banana, then he will slip the banana goo-goo on his hoo-hoo!!
Originating from the conversation of a few friends. One friend had said something witty, to witch the other replied "If other friend was here, he would probably say something dumb.. like banana boat." Now used to describe that of a bad joke.
1. To tell a bad joke around a group of friends. Usually the friends will agree that the joke was bad and declare it a "Banana Boat"
2. To kill a joke, or to take a joke to far when in the presents of friends. Usually the friends will agree that the joke was taken to far, and declare it a "Banana Boat"
Friend one (telling story): Man, the other night I had the best sex in the world with....
Friend two (interjecting): YOUR MOM Friend three, four, and five: BANANA BOAT!