When a man gets on all fours and spreads his asscheeks apart revealing his asshole. With the buttcheeks representing the large ears, the asshole as the one eye, and the hanging cock as the trunk, the lucky viewer gets an image of an elephant with one eye.
Nick: Hey wanna see a one-eyed elephant?
Slut: Sure Daddy.
Nick: There it is. Now tongue that ass like you do so well.
An extention on the original term of beaz. If a person from the projects (or Tim Westwood if you're from the UK) wanted to swear then they could substitute the nasty words (if they were moral) and replace them with ghetto sounding words that rhyme with beaz or beazus.
*Young man notices a woman on the tv with large breasts. He points it out to his mate*
Willin: Look at the tits on her!
Barry: Sheazus Beazus! Elephanteezus!
It is said of the situation where a person has the bad luck to make contact with his testicles against an undefined surface or object, intentioned or not.
Given the nature of the word, it is more appropriate to design cases where the interaction is made with a moving object, for example, a ball.
Although it is extremely painful for the victim, it tends to be considerably funny to people who witness it.
Today in the baseball game the pitcher took a nutshot; the baseball hit him in the nuts.
Man, I just watched the funniest nutshot video ever.