A reply to basically any circumstance that life has dealt you. Usage is normally followed by others near you repeating variations on the original statement. Also best used around homophobes.
"I just lost the game, penis in my asshole." says Guy 1
"No, penis in MY asshole" says Guy 2
"You're all wrong, penis in MY asshole." says Guy 3
"No, penis in MY asshole" says Guy 2
"You're all wrong, penis in MY asshole." says Guy 3
by The Cancerous Goose May 5, 2015