The group of people who come together for a rainbow gathering once a year to celebrate and promote peace and love and camp out in the woods for a week. The idea is everyone is everyone else's brother/sister and we should love them so.
Rainbowjizz was originally thought up to be the coolest thing ever,
and to outdo purple jizz.
It is often used to burn someone really bad, but can also be used as a complement.
If you're trying to pick a chick, it works pretty well, also.
burn:
Gina:"how about that guy?"
Kaila:"ewww! Fuck no, i wouldn't fuck that guy if he had rainbow jizz."
Complement:
Gina:"What about him?"
Kaila:"Oh he's so hot, he's better than rainbow jizz."
As a pick up:
Micheal:"hey."
Kaila:"eww."
Micheal:"I jizz rainbows."
And the babymaking begins