1) Euphemism for a penis, where "one-eyed" refers to the external urethral orifice (or pee-hole) located at the tip of the penis' head.
2) One-eyed willy, both alternate spelling and definition.
Expression's origins: derived from the name popular character from the film "Goonies" (although this context has been permutated with time). See also dong, dick, schlong, willy, wang, johnson, cock.
I have six beers, and next thing I know, I'm staring into the eye of Jake's one-eyed willie.
Boys who enjoy yaoi (a genre in Japan that contains sexual and/or romantic relations between two men); literally translates to "rotten boy"; corresponding female : fujoshi
May I have an order of regular degular buttermilk pancakes? Without all the added jazz? Hold the blueberry smiley face, strawberry glaze, chocolate chips and whipped cream.