A term meant to steer students away from going to Purdue University for the facts that it is boring, annoying, nothing to do except drink, smells like fish on campus on good days and sex like campus every other day. And is conveniently located between cornfields and one river.
The origin of this phrase (Which means excuse my use of profanity) does not originate for the French word for seal, as Lazy Time Waster suggests.
It in fact originates from the constant warfare between England and France many years ago, at that time "French" was associated with indecent things and activies (Swearing, kissing etc).
This was done fairly often in those days, sexually transmitted diseases (for one thing) had different names in different countries.
What the English might call the French disease, the Dutch might call the Spanish disease, the French might call the English disease and so on.
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.