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Free Pony 

When you receive an apparently free, wonderful gift with high and/or unexpected maintenance costs not previously considered by, or obvious to, the recipient.
Mary: Grandpa is giving little Elizabeth a pony for her 12th birthday if she promises to take care of it! Isn't that great?
Bob: What?!?! How are we supposed to pay for the board, food, vet bills, and riding lessons for Elizabeth? Free Pony? Give me a break!

Bill: So I meet this hot chick, Sandy, who takes me on a 7-day cruise at no cost because she's filthy rich. Then two weeks later I've got crabs and herpes. What a free pony she turned out to be.

Jim: I can't believe I won that new Corvette in the church raffle! But since I'm unemployed and living with my mom, I can't even afford the gas and insurance, let alone maintenance.

John: Oh, man! Sounds like you won a free pony! Well maybe you can sell it and still get something for your trouble.
Free Pony by redshirt58 June 6, 2011
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riding the bologna pony

In the act of screwing.
1. "Look at her go, she riding the bologna pony."

2. "Oh, yeah she is a pro at riding the bologna pony."

3. "In five minutes you too can ride the bologna pony."

4. "Riding the bologna pony gets me going and makes my day."
riding the bologna pony by MegaMost November 15, 2009
Redneck with a pony-tail and a crooked penis.
Yesterday at Walmart we saw a huge red pony.
Red Pony by Behrens May 4, 2006

Cotton Pony 

Damn bitch, why you so pissed off today, are you riding the cotton pony or some thing?

electric pony 

An uncommon sexual act whereby one person kneels naked on their hands and knees (doggy style). The other person takes their penis and ejaculates all over the kneeling person's back, being careful to leave a sticky trail down the other person's spine. Then, the standing person takes an electric razor and shaves part of their pubic hair. Finally, taking a handful of hair, they sprinkle it along the sploogy trail where it sticks, forming a mane.

This is often used as an initiation practice in college fraternities. The "pony" created would then have to canter around campus in the middle of the night, making horse noises and waking up some of the dorm residents, until quickly spirited away by the pony creator, before the law arrives.

note: definition courtesy Gabe.
An' now Ah'm gonna give you an' electric pony. skeet skeet skeet, bzzzzz; awwwww, lookit that mane!

pony falls 

Hair extensions attached to a big elastic hair-tie and worn to appear as if the wearer has long pony tails.
Can be made from yarn, synthetic hair, hemp, pipe cleaners, ribbons tubing, ect. Most commonly worn in the rave, cyber goth and club scene.
The raver wore long pony falls of neon green.
pony falls by Brandy BandShoe August 1, 2008

twisty pony

The act of sexual intercourse in the doggy style position in which you insert your thumb into the anus in a twisting motion, causing the recipient to "nay" like a horse.
My girlfriend likes the Spiderman, but nothing gets her off like the twisty pony.
twisty pony by bsaks June 2, 2008