Unfinished basement light is used on things that don't do their job properly. The basement is dark and the light doesn't work to light it up. Also used in places where a construction worker decides to quit and handed his coworker a sock and said "the basement light is unfinished".
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.