The flappy parts of ones va-jay-jay, which for some can hang extremely low. The first word 'salmon' is representative of the fishy sensation one smells/tastes.
Zara & Abby - "GET YA SALMON DANGLERS OUT!"
Random stranger - I can't my minky smells too much.
Abby/Zara - "Ju Slut, is that a dangler I can see peeping through your panties? Sort it out"
When ones hand is limp to the wrist, and one flops it around while saying with a lisp or in a partially thick voice "SALMON HAND!!!" Derived from Derek, and can also be found in a handshake, when one's hand is limp.