rainbow dildo 

a rainbow colored dildo that some homosexual men use to pentrate thier anus

"Mikey just bought me a rainbow dildo yesterday"

rainbow dildo by Mike Kewosiskie December 12, 2013

Rainbow light up party dildo 

Could either mean that someone is a party animal but it is also exactly what it sounds like

"They are such a rainbow light up party dildo" or "they used a rainbow light up party dildo"

Rainbow light up party dildo by Thenerdherdandoursonkarl August 17, 2016