Baloon Knot Share definition Flag Slang: synonomous with asshole. Mainly because a normal tight sphincter resembles the inside of a knot made on a baloon. Hey ... last night I popped her right in the baloon knot. Baloon Knot by Joey Provalone January 24, 2003 0 0 Get merch Get the Baloon Knot mug. Buy Now — $32.95 See more merch