Translated into simple English: I am going to ejaculate all over the place.
This phrase has said to originate from TVFilthyFrank, where he uses this phrase in a song of his called "FINNA BUST A NUT". This phrase means that you are going to masturbate and ejaculate, after your masturbation, everywhere in the room, causing a sticky white mess of semen.
When an individual maturbates on the Senate floor for an extremely extended amount of time in order to prevent a specific piece of legislation from being passed.
Did you see Jim on CSPAN last night? He was rubbing one out on the Senate floor for 72 hours straight in order to prevent that bill that the house put on the floor from getting passed. It was an amazing finnabuster!