Cole slaw eaten out of an asshole, much like tossing salad with cole slaw.
Bob: "Man, I could really go for some cole slaw."
Gary: "YEAH!!! You ever have cole slaw eaten out of your asshole before?"
Bob: "No, that sounds gross."
Gary: "I'm talkin' 'bout HOLE SLAW YEAH!!!!!"
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.