Previously known as the "chip clip", no one knows why it is called the "chip clip" because obviously everyone just puts in on their wang. Thus now it is known as the "Wang Clip" or "Wang Hanger"
Steve: Hey! Is that a "Chip Clip" on your ding dong?
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.