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.
A person you hate intensely not because they deserve such hatred but because they serve as a focus for your general hatred. A healthy way to dispense with excess animosity.
Jake's not really that big an asshole. He just serves as my hate sink.
A toe rag was originally a foot wrapping used, since mediaeval times up until the mid-nineteenth century, to protect the foot from chafing by boots or shoes. As these were, quite literally, rags they weren’t usually washed, and so with use they became very smelly until they were thrown away. Because of the similarity in smell, toe rag also became the name applied to dried, salted cod or other things with a strong, unpleasant, fishy smell. It didn’t take that long before the name was applied to someone who was an obnoxious, unpleasant OIC.
1 “Socks! Those aren’t socks you smelly git, they’re toe rags!”
2 “What have you been cooking? Smells like toe rag!”
3 “I can smell ‘er fanny from ‘ere, proper toe rag.”
4 That Heale Malcolm is a right toe rag.
When some resigns or retires from a job, they are on "eternity leave". This can also refer to someone who has passed away, especially someone who worked somewhere for a long time, retired/resigned, then passed away later.
Oh I'm sorry, you didn't know that Kelly is on eternity leave? She resigned and moved to Hawaii!
With regrets I would like to inform you that my boss is officially on eternity leave. I will never see or hear them again. Ever.