The term describes something that is exceptional, or awesome. It is derived from "pwn" which is ultimate nerdinternet ownage. To own ponies is to do something amazing or be amazing.
The reverse of this, sucking, is to "blow ponies".
Magical Ponies are as the name implies, ponies of a magical variety.
They are invisible to all but a gifted few, however as they largely feed on fat kids, you can occasionally see the shimmering outline of a Magical Pony in the crumb haze that follows.
Person 1: Hey look at that fat kid run!
Person 2: Woah man, look into that crumb haze! There must be at least three Magical Ponies right on his tail!
A very annoying replacement for "hold your horses", "calm yourself", "chill out, dude".
A phrase that is used to one's friend when they are
a) having a panic attack
b) freaking out about something pointless
c) worried / anxious / nervous d) in a hurry and are constantly annoying you to move faster
"Dude, I think my girlfriend is breaking up with me!"
"Calm your ponies, she's probably just PMSing"
"Wow, can you please like, hurry up? I don't have all day."
"Hey calm your ponies, I'm working on it."
"Pennies in the bucket" is an idiom used to suggest that the cost of something is trivial.
Imagine if you kept all your money in an actual bucket. You would not think twice about spending one of the pennies because you have all the hundos in there too.
Sarah: "I am not sure I want to buy this outfit."
Eric: "I think you should. It is just pennies in the bucket."