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wooden pony 

a basic torture device consisting of a horizontal member such as a board or pipe on which the sufferer rests the weight of the crotch.
Good slaves get spanked, bad slaves ride the wooden pony.
wooden pony by Anonymous October 2, 2003

riding the cotton pony 

A term used to for a female having a period. It references using a tampon (the cotton pony).
I had cramps all day because I'm riding the cotton pony.
Pitch in some money to help pay for a group item.
We're all getting Beth a stripper for her 30th birthday. Did you pony up
yet?
pony up by Mark Singer February 6, 2004

One Trick Pony 

Generally used in MOBAs, this is the act of using only one person/character in a game, without stray.
Man 1: I only play D.Va.
Man 2: Then you're a one trick pony.

Ride That Pony

1) Energetic dance-game (sometimes considered a sexual act) conceived by a group of thespians in a summer acting camp at UC Berkeley. Involves an outer circle of 25-30 people and an inner circle of about 10 people. The dance is started with the counter-clockwise movement of the inner circle, and the singing or yelling of the following lyrics:

"HERE WE GO!
Ride that pony, ride around
That big fat pony
HERE WE GO!
Ride that pony
This is how we do it!"

Following these lyrics the people in the inner circle move to the nearest person on the outer circle and perform a dance facing the person, facing away from the person, and then to the side of the person (sometimes similer to freaking). The lyrics for this part of the dance are as follows:

"Front to front to front, my baby
Back to back to back, my baby,
Side to side to side, my baby,
THIS IS HOW WE DO IT!"

Then the person who has recieved the dance proceeds to the inner circle and restarts the game//dance//sexual act.

Usually participates are very darbee.
"Dude, the closest thing to an orgy we'll ever get here is Ride That Pony. Go with it."
Ride That Pony by Vodka December 7, 2004