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Rainbow Party 

A "rainbow party" is supposed to be a party where girls wear different shades of lipstick and suck a guy off. In actuality, it is a term invented by Oprah and no teen had heard of it until her show in 2004.
Oprah invented rainbow parties so parents can lock up their teens and send them to boarding school.
Rainbow Party by C March 14, 2005

rainbow party 

In the US, it is apparently a euphemism (or media-invented myth)for rather lewd naughtiness (see all other definitions). In the UK, it means jelly, ice-cream and dressing-up as Zippy, Bungle, Geoffrey, George, Rod, Jane or Freddy and singing "The Wheels on the Bus". The latter seems condusive to a much more satisfying experience.
Yank: Dude, I'm so emotionally crippled and shallow, I went to this badass Rainbow Party last night. Now I feel even more empty and my dick's kinda itchy.
Limey: I say, old bean, I had a Rainbow Party last week! We all had a beezer time, despite Bungle having eaten too much jelly and ice-cream.
rainbow party by chris wheelie July 15, 2008

Rainbow Farts 

To be so excited about something you almost shoot the gayest thing in the world out of your butt. Similar to pooping kittens.
I saw the cutest little puppy earlier and it made me shoot off several rainbow farts.
Rainbow Farts by plaidtattoo February 10, 2009

rainbow stalin 

Rainbow Stalin is a false interpretation of the lyrics in the song "Rainbow Stylin'" by Swedish electronic group "The Similou". This interpretation became a hit on YTMND featuring Soviet dictator Stalin or some form of meat loaf and rainbow lights.
"And all this love (loaf) saved up for nothing, I never felt so blue, and all this love (loaf), Rainbow stylin' (Stalin)"

rainbow stylin' = rainbow stalin
rainbow stalin by pedobarr June 7, 2009

Rainbow Pussy 

When you put skittles/M&M's inside a girls pussy and the juices come out rainbow colored
Rainbow pussy is deleicious
Rainbow Pussy by Buggybumper22 February 15, 2018

Rainbow Nazi

A flaming homosexual who is constantly screeming about intolerance toward homosexuals while at the same time is intolerant toward anything or anyone non-homosexual
That tired old queen is such a Rainbow Nazi.
Rainbow Nazi by BC in KC August 13, 2005