When a girl expects a guys junk to be erect and happy to see her, and sadly comes to realize its flaccid, or "soggy". Like the actual soggy bacon, its disappointing.
Mike: Hey man, how was that chick last night?
Jaquare: Shit, man. I thought I was ready, but I pulled a soggy bacon on her.
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.