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Rainbow Trouting 

When someone from the LGBT community catfishes someone.
Frank: John thinks he met the perfect guy online. I looked him up though and I'd bet my bottom dollar that someone is rainbow trouting him.

Steve: Damn, let's hope it's not a bait and switch. Get it, Frank? BAIT and switch. I said 'BAIT' because it has to do with fishing.

Frank: God damn it, Steve.

Steve: Sorry.
Rainbow Trouting by KylieCyrus October 27, 2016
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rainbow luigi 

rainbow luigi by Lgggg February 26, 2018

rainbow spin 

A mythical jump performed in Super Mario Odyssey made popular by the fan base of the SMO speedrunner Smallant1.
"lmaooo just do a rainbow spin it's easyyyy"
rainbow spin by davidb10901 May 21, 2019

Rainbow smelt

A person who likes to make stuff harder for them selfs even though the stuff is really simple
Damn James why you such a rainbow smelt the assignment is so easy

Rainbow Parade 

Gay couples holding hands as they walk through the city fighting for gay rights.
Peter; Bobby lets go to the rainbow parade. Bobby; I would love to go it sounds fabulous. Peter; Oh and Bobby, Don't forget the KY Jelly.
Rainbow Parade by Myles Chino March 7, 2007

Rainbow Unicorn Promenade

A rather enjoyable sexual activity that involves a male shitting (preferably diarrhea) into a woman's vagina while she is well into her period. After the shit is thoroughly stuffed into it's proper crevice, the crap/period-blood mixture is then queefed onto the face of the male participant while he repeats the phrase "I'm a pretty pony" until the last drop has been queefed out of the vagina. After this step is complete, the male removes the glass dildo (Note: try to use glass to cut down on the environmental impact of plastics!) from his ass, and the female then super glues it to his forehead. While this step is going on, the female must repeat "You're a pretty pony" until the glass dildo has been secured to the forehead.

It is not uncommon for the man to then ejaculate at this time from the sheer sexual energy of this act. If that happens, simply collect the cum and apply it to the male's face to augment the shit and the period-blood. However this is not necessary.

Finally, go outside and have the male walk on all fours while the female rides on the male's back. This should elicit applause from every person you encounter. A great way to make friends.
I didn't think too much of our neighbors, but after I saw their Rainbow Unicorn Promenade I think they are perhaps the most interesting couple on the street!

rainbow/push coalition

The Rainbow/PUSH Coalition (RPC) is an organization founded by the Reverend Jesse Jackson, the name derives from the roots of the organization - a merger between the Rainbow coalition (founded 1985) and Operation PUSH (started about 1971). The stated mission of the organization is to foster "civil rights" and empower people of color (i.e. black). RPC frequently uses political pressure tactics bordering on blackmail designed to coerce companies into "donating" to the RPC (i.e. bribe them to go away) or employing RPC members in nice cushy jobs to ensure "liason" between the company and the black community (i.e. provide continuous welfare and the ability to monitor companies from the inside for future blackmail operations).
We have a rainbow of races at our company, but Jesse Jackson decided there were not enough black ones in top management positions so he PUSHed us around with threats until we paid him to go away, gave mandatory promotions to unqualified blacks (including his friends he owed favors) and ended with a nice flowery speech about how this showed our commitment to diversity. Hopefully now we are under the "protection" of Jesse and no one else will come and blackmail us.