On windy and even breezy days when a slutty woman's pussy lips can be heard flapping in the wind, giving you the impression there is a flag nearby.
Dude, do you see a flag anywhere around here? I can hear one, but I sure as hell can't see it. Oh wait, nevermind, your mom is wearing a miniskirt with no panties again. That is one flag flapping bitch!
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.