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I could dig a pony 

It means that you're cool with anything, you could dig anything right now.
"Where do you want to go to dinner?"
"I don't know, I could dig a pony."
Related Words
G-pony is a true gangsta and usually a member of the 6am drinking club.
Girl: damn I can't believe we stayed up playing beer pong until 6am again...
Guy: I know were some f***ing g-pony's
G-pony by pong princess June 13, 2010

Craigslist pony 

exactly what it sounds like-- person, male or female, that posts a personal ad on Craigslist to be treated like a pony.
Gabby: I answered that ad for a Craigslist pony yesterday.
Marissa: How'd it go?
Gabby: It was just some fat chick in stirrups. It was awesome!

Rome Pony 

An awesome sexual act of vague description that would offend your Gram.
He bought her three drinks at the bar and later she gave him a rome pony!
Rome Pony by occasionalpants May 11, 2015

Baloney Pony

A euphemism for penis or dick. Along with being a slight dig at whoever it's used against thanks to the connotations of baloney (cheap, unwanted, undesirable, etc.).

Saying this will also immediately make you friends with any and all weebs who've watched Neon Genesis Evangelion since that's where this phrase originates from (the ADV Dub of the series from 1997 to be exact) to the best of my knowledge. Thank you, Amanda Winn Lee (ADR Script Writer and Voice Actress for Rei Ayanami) for writing and saying this!
Rei: Woaagh! You're the jerk who was staring at my panties!
Asuka: Hey, what do you mean by that?! You're the one who was flashin' them y'know!
Rei: Oh and who are you and why are you defending him? Are you riding his Baloney Pony?
*shock envelopes the classroom*
Asuka: We're just really good childhood friends! You shut up!
Hikari: Be quiet you two! We're in a class, not a bar!
Misato: Hey, this is more entertaining than class! Go on, I want to see how this turns out.
Baloney Pony by BB2023 January 31, 2023

ride the pony 

to take 4 shots as fast as possible
John: Do you want to ride the pony tonight?
Alex: Yes! I'm trying to get very drunk!!
ride the pony by ponyupbitch December 13, 2018