made up word that originally meant nothing but sounded funny. Can refer to the act of a dog or any animal eating poop (i.e. recycled poop, goes in a loop) But a flying poopooloopoo is a toilet wax ring thrown like a frisbee. Pronounced very quickly.
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.