An internet connection that is very laggy or even non-responsive. The phrase is usually used in Real-Time Strategy or MMORPG games online. The phrase was first used in a 2v2 match of Stracraft when the game was close to lagging out or disconnecting on a host game. When the game dragged, the host saved the match and titled it "WHO HAS THE FISHER-PRICE MODEM!?!". After that, hilarity ensued and the culprit with the slow internet connection was revealed because Starcraft drops laggy users when a game is saved.
Dude, don't ever 1v1 that guy, his fisher-price modem will drag the game on for hours!
To over-simplify the explanation of something so that the ding bats, in your place of business, can understand the topic, idea or concept of what you wish to convey.
The operator taking Jay's phone order explained that there was an additional charge of $10.95 for shipping and handling. "I don't understand why you want to charge me $22.95 if the price on the TV says $12.00, said Jay". The operator had to fisher price it up and explain to him. "You see sir, the product is here with me. You want it to be there with you. We need to pay someone to bring it to you."