Term used when something is not going the way in which it was intended. Such as a bad day at work or when something has gone awry. In a really bad situation, "Huge Freakin' Boner" can be used.
Guy 1- Hey Ryan how's that job going today? Guy 2- Well Ray, I just found out this 8 hour job is going to take atleast 12 hours and I have to do all this extra stuff, I got a Huge Boner right now.
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.