The origin is from ancient prisoner restraint methods -- approximately around the late middle ages, prisoners wore a heavy metal ball attached by a chain on their legs, to prevent them from making a run for their freedom (or at least, that is the way medieval prisoners are often depicted in modern popular culture).
The allusion is that one's wife will not let one go anywhere (mostly meant as "go out", rather than "run away from her"), much like the ball and chain.
--Ho, Bob, ya havin' 'nother?
--Nah, gotta head home pal, 'cause otherwise the old ball and chain will come in here an' drag me there.
One who is still young in age but exhibits extreme geriatricbehavior. A person labeled "old balls" will often become exhausted after 9:00PM and kill the fratmosphere. S/he can be seen taking naps at all hours of the day adding to their crankiness.
a term describing people or things that are old, whether in a chronological sense or in theory. The connotation can be cast either good or bad light... but it's mostly bad. It's usually used to describe grumpy old people but it can also describe some events and social climates.
Refers to a College senior, and most applicable to a 5th or 6th year senior. Used commonly by Fraternity men in reference to the senior or (in rarer cases) 5th year senior that is still living in the house, or attending classes.