An insult aimed at someone with less than average IQ, coolness factor, or Bodily Odor (in this case, more than average). Can also be used in place of a forgotten name.
Hey monkey tits, take a shower! You smell like a bag of smashed assholes.
Hey.... uh... Monkey Tits, get me a fucking beer before I hit you with a jizz rocket.
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.