The term originated by a night crew worker for a local grocery store, in which all food product, usually candy around the bulk bin section, was considered approved to eat without being considered stealing from the company after it had touched the floor, as it was unsanitary for customers and would be thrown away otherwise.
The term now applies to any item of food, not just candy, that has touched the ground, but the dropee feels is still worthy of eating regardless.
*Action* Ted drops a potato chip on the floor.
Bill: "Floorcandy!"
*Action* Bill picks it up and eats it.
Ruler of Lake Titicaca. Rumored to have a bunghole that gets very angry if it does not receive toilet paper. Cornholio the Great is often seen walking around with his shirt over his head and his hands in the air, chanting songs about his power, and his bunghole.
"I am Cornholio! You do not want to face the wrath of my bunghole, for I need TP!"
Butthead: Shut up, Beavis! (uh huh huh huh)
Beavis: Um, okay. (heh heh heh heh).