It's an exclamation for something seriously gay. It can also be used in response to something someone said to you that makes absolutely no sense.
Friend: Dude, Josh is totally gay and he acts like faggot.
Me: Yeah, that's straight buffalo dick.
by Fuji November 28, 2007
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A play on "Buffalo Chicken Dip".

It's when you've run out of lube, and the only replacement substance available is Frank's Red Hot.
by YouthInRevolt January 23, 2012
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