Top Definition
When you and a group of your friends drive out after a rain storm and look for a rainbow the first one to see a rainbow gets to hit a friend in the arm (like slug bug) and yell FAG. That friend shall then been known as Fag until he sees his own rainbow.
How that storm lasted a long time, get in the car we're going rainbow hunting!
von Vernin44 8. August 2011

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