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Slay the Magic Dragon 

"Slaying the Magic Dragon", term used when announcing that you are about to take a massive hot dump.
Boy 1: "Yeah I'm about to go shoot some J's. Wbu?"
Boy 2: "Just got back from Mi Rancho's, bout to go Slay the Magic Dragon!"

tragic magic 

"Yo, T's gone"
"What?"
"Tragic Magic, baby"
tragic magic by realmcmeal January 16, 2004

I fucked on the Magic School Bus 

Something said by seniors to underclassmen (generally freshmen) to intimidate and frighten them. 100% effective.
Patrick (senior): Dude, check this out.

(freshman walks by)

Patrick: I FUCKED ON THE MAGIC SCHOOL BUS.

(freshman begins to run)

Boob Magic 

A set of processes by which mammary structures emit y-chromosome interacting pheromones, causing obedience and tolerance to long boring conversations in males. The exact mechanisms of Boob Magic are still unknown and every man is encouraged to join the struggle in uncovering this age old titillating riddle.
Ben didn't want to hear about the supposed intelligence of his girlfriend's cat, but her boob magic convinced him otherwise.

Might and Magic 

Tightest game ever created. 3DO rules.
Might and Magic VIII Day o f the Destroyer.

making magic 

another word for sex. Because, as we all know, sex is always magical and full of rainbows and unicorns, especially when it's your first time.
Susie and Mike, a hetero normative, stereotypical couple, went to the park for the day. Mike brought peach schnapps (bitches love it), and Susie brought picnic supplies. They had a wonderful time eating fruit out of each other's hands, so much that they decided to try making magic for the first time. Both of them were virgins, but like with most people, they knew exactly what to do. Mike had conveniently hidden a roll of condoms in the baguette, so they were all set (practice safe sex, people). They had wonderful hot sex and it was magical.
making magic by Remykins February 18, 2013