A floppy penis is where a fully grown male has a penis that will droop for the rest of his life. His penis will hang down in shame and never become erect even if he takes viagra!
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.