An opportunity on the road when the driver could honk at somebody with a high degree of justification. It usually refers to honking the actual audible horn and not the so-called high beam honk or light honk, i.e. a quick flash of the high beams.
Driver (very hopefully): Is this a honkatunity??
Passenger: Yes, man the left turn signal is on for 5 seconds and he is still not moving!
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.