Gesture created by turning out one's pants pockets, releasing the zipper and thenexposing one's flaccid chode in an entertaining fashion, so as to resemble an elephant's trunk.
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.