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Rainbow Parties 

Parties where several girls wear a different color of lipstick then each proceeds to give one or more guys a blow job. The multiple of colors left on each guy's penis resembles a rainbow.
I've been to two rainbow parties now. I didn't last long at the first one seeing all of those girls giving head at the same time with the different lipstick. Julie had me first with yellow lipstick, and I blew my load in her mouth within a minute or two. When my penis was less sensitive a little later, Karen gave me another one with her bright blue lipstick. Since I didn't cum, Pamela took over with her green lipstick when the bell was rung. She asked me to cum on her chest if I needed to, and after I did, I was done for the night.

At the second party, I was more relaxed, and before the end of the night had let each girl leave her mark.
Rainbow Parties by BRD July 27, 2005

Rainbow Parties 

A party where many girls put lipstick on and give guys oral sex, produing a rainbow pattern on the male body part.
Only sluts go to rainbow partys
Rainbow Parties by Krn-Z October 2, 2003

Rainbow Parties 

A party where girls each where a distinctly different color of lipstick, and at the end, boys compare with each other how many marks they have in a judge of coolness.
Even kids in junior high have rainbow parties.
Rainbow Parties by Zabbazooey February 5, 2004

Rainbow Panties 

A pair of "Rainbow Panties" is panties contaning period blood, semen and skid marks.
"Hey! Would you like to buy a pair of my rainbow panties? They're only $35!"
Rainbow Panties by Doktorjones January 22, 2019