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rainbow loom 

A bracelet making kit. Easy for kids, painful for adults
Jill: do u have rainbow loom?
Julie: yea, I love it
rainbow loom by Happy love hit March 8, 2014

Rainbow smile 

to smile out of happiness while crying of sadness
she had lost all hope, but love in friendship made her dawn a rainbow smile
Rainbow smile by audiodecoy April 4, 2005
1. An optical illusion that appears after a rain-storm with 7 indigionous colours.
2. A term used within the gay community to acknowledge acceptance amongst it's members.
1. A beautiful rainbow was over Grandmom's house after the showers ended.
2. Todd and James found the rainbow sticker on the door and knew it was gay-friendly.
Rainbow by dieselgirl August 8, 2003

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