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poncho's give-away 

An imaginary store like a Goodwill where hand-me-down items can be bought so for so cheap, it's like the proprietor of the business is giving the stuff away. The phrase is used by school kids in L.A. to make fun of the possessions of poorer students, who may wear used or non name brand clothing and shoes. This may be attributed to parents who could not afford to buy nice shoes and/or apparel for their children.
Nice rags, did Poncho's Give-Away have a half-off sale today?
poncho's give-away by David R. July 11, 2006
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Pancho's Comedy Night 

n. An event held every Monday night at Pancho's Restaurant in Manhattan Beach, California in which a small hypoglycemic man-child hosts a show filled with national-touring-headlining comedians, up-and-coming young comedians, and hot girls the host gives stage time to in order to get their phone numbers.
"Excuse me, sir, do you know where I can go on a Monday night that has a comedy show with margaritas, mexican food, a male bartender with a pony tail, a bunch of fresh-off-the-press divorcees, young college girls, hilarious comedians, prank phone calls, jalepeno margaritas, cervesas, people passing out making the host call 911 from stage, Phil Jackson dining off to the side, young talented comedians finding their voice, beer chug-offs, sing-alongs, dance offs, impressionists, musical comedians, the six flags guy, drinking games, pregnant hostesses, balloons, sombreros, pinatas, and giant fish hanging from the ceiling?"

"Pancho's Comedy Night."

Pancho's Giveaway 

Pancho's Giveaway was a reference to a non-existent store that so called "poor" kids at school were said to shop at. If you wore rags, tattered clothes, or no namebrand clothes, you were made fun of and news would spread quickly that you indeed, shopped at Pancho's Giveaway!

See: poncho's give-away
You're so poor you bought your clothes at Pancho's Giveaway!

Nice clothes, did Pancho's Giveaway have a sale today?

Where does mom buy you're clothes? Pancho's Giveaway?

Poncho Sanchez 

A creature of ungodly talent and unparalleled conga skills. The best way to interact with this being is to yell out his name in surprise locations.
"Poncho Sanchez!"

Bask in the glory that is Poncho
Poncho Sanchez by Sgt. McBadass December 20, 2008

A Poncho short of a Tamale stand 

Someone who's brain is not functioning at full capacity.
She's a poncho short of a Tamale stand cause when we go to the petting zoo, she eats dirt with the sheep.

Rain poncho and sunglasses 

"Ooh, rain poncho and sunglasses."

pancho villa's revenge 

1. The burning sensation when you poop after eating spicy food.
2. The inevitable result of a late night Taco Bell craving.
Man, do you remember eating Taco Bell last night? I woke up with a nasty case of Pancho Villa's Revenge!