The One Eared Elephant is a maneuver in which a man turns one pant pocket inside-out while simultaneously exposing his penis through the zipper of said pants.

When you're being horny (especially around friends) and as a result shame ensues.

A variant of one of the penis-showing game's presentations whereby a man hangs his flacid member through his zipper hole and untucks one of the front pockets in his pants-thereby creating the image described by the name.