A guy who is so blind to see whats in front of him - when a girl is there wanting sexual pleasure - he takes the condom blows it stupidly as if it was a balloon.
"Karl why do you gotta be such a cockballoon bro? That chick wanted the D in the V so bad but you turned it loose you ass-hat !"
by joeshmoe99 September 11, 2013
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The pocket of air that can form over the tip of your penis when you do not put on your condom correctly. A cockballoon can break easily and make wearing a condom pointless.
Sam: How’d she get pregnant?

Dumbass: Well, I didn’t know that a cockballoon could pop.
Sam: Dumbass!
by XRKelly June 24, 2018
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