It is duel purpose term that can be used to express a mansgayness or a woman's sluttiness. Essentially you pointing out that that person has sex with an abundance of men.
Jake: Look at those guys holding hands...
Mike: Fuckin dudebangers.
Sam: I slept with jenny last night.
James: That's not much of an accomplishment seeing as how she's a dudebanger and all...
Ruler of Lake Titicaca. Rumored to have a bunghole that gets very angry if it does not receive toilet paper. Cornholio the Great is often seen walking around with his shirt over his head and his hands in the air, chanting songs about his power, and his bunghole.
"I am Cornholio! You do not want to face the wrath of my bunghole, for I need TP!"
Butthead: Shut up, Beavis! (uh huh huh huh)
Beavis: Um, okay. (heh heh heh heh).